Are you in the market for a new home and ready to complete your mortgage application? Great! We want to make sure that your home buying process is as smooth as possible. We’ve helped many clients purchase their homes and have seen how some exciting life choices have made their home buying journey a little more challenging. Please review the 6 points below to ensure your life plans (as exciting as they may be) do not get in the way of making your homeownership dreams come true.
- Don’t move assets from one bank account to another. These transfers complicate the application process. If you do need to make any transfers, be sure to communicate that with your lender. They can help you with any questions and help you determine the best time to move your assets over.
- Don’t change jobs. A new job is exciting! But it may involve a probationary period where a certain number of days must be completed prior to receiving any income. If you have changed jobs recently, be sure to check with your employer to ensure that you are outside of the probationary period prior to sending in your mortgage application.
- Don’t make any major purchases. If the new purchase increases the amount of debt you are responsible for on a monthly basis, there is the possibility that this may complicate or disqualify you from your mortgage loan. This additional debt could also cut down on the available funds needed for closing cost requirements. Be sure to hold off from making large purchases for your new home until after closing.
- Don’t run a credit report on yourself. This will show up as an inquiry on your lender’s credit report. If you do need to run one for any reason, share with your loan officer ahead of time, and explain the need for the inquiry in writing.
- Don’t pack or ship documents that you need for your loan. Important paperwork such as W-2s, divorce decrees, and tax returns should not be sent with your household goods when moving. Duplicate copies take weeks to obtain and could stall the closing date on your transaction. Put aside all important documents in a safe location where you can easily access them.
- Don’t attempt to consolidate your bills. Always speak to your lender first, and they will advise you if this decision could affect your mortgage loan.
The home buying process is exciting! Be sure to make financially smart choices and set yourself up for success so the process will move quickly and easily! If you have any questions, contact one of our team members to get started today!