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If you are purchasing a home and securing a loan, there are a number of things you need to avoid in order to make sure the deal goes through. Here's our advice:
- Don't miss work. Lenders are looking closely at your income - any last minute changes will make them nervous.
- Don't change jobs. If you are thinking of making a change in employment while in escrow, be sure to get approval from your lender.
- Don't quit your job. Not having income will cause a lot of problems when trying to qualify for a loan. Stick it out until the deal is done.
- Don't deposit any cash into your bank account. Don't deposit checks or put newly acquired cash into your bank account. All of the money you put into your account needs to be sourced - if you can avoid this, you should.
- Don't transfer any money from your gift accounts. Have whoever is gifting you the money transfer it directly to the escrow account for less of a paper trail.
- Don't make large purchases. Wait until after the deal is completed before buying a new car or getting a washer and dryer for your new home. A large purchase will negatively affect your debt ratios.
- Don't open or close credit cards. This can negatively impact your credit score.
- Don't delay on getting all requested documentation. Getting all your documents in on time will help you avoid delays at closing, which can be costly.
- Don't get frustrated. There are a lot of hoops to jump through, sure - but you need to remain patient and remember that everyone involved in the process is working toward the goal of your future home ownership.
Wow - that's quite a few DON'Ts. While it looks daunting, many of these tips are fairly obvious things you wouldn't do anyway. We just want you to know every little thing that could negatively impact your home buying experience, regardless of how likely they are to occur.
Do you have more questions about the buying process and securing a loan? Give us a call or shoot us an email - we would love to assist you in any way possible!
