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What's more fun than buying a bunch of new stuff to go
in your future home? Nothing. But buying big ticket
items before your loan closes could be trouble. Keep in
mind that until you get the keys, your lender is
watching your finances very closely. Below you'll find
a list of actions to avoid during this critical time of
your home purchase.
Don't Buy or Lease an Auto .
Lenders look carefully at your debt-to-income
ratio. A large payment such as a car lease or purchase
can greatly impact those ratios and prevent you from
qualifying for a home loan.
Don't Change Jobs.
A new job may involve a probation period,
which much be satisfied before income from the new job
can be considered.
Don't Move Assets From One Bank Account to Another or
Switch your Accounts to a New Bank.
These transfers show up as new deposits and
complicate the application process, as you must then
disclose and document the source of funds for each new
account. We can verify each account as it currently
exist, and you can consolidate your accounts later if
you wish.
Don't Buy New Furniture or Major Appliances.
If the new purchases increase the amount of
debt you are responsible for on a monthly basis, there
is the possibility this may disqualify you from getting
the loan, or cut down the available funds you need to
meet closing costs.
Don't attempt to Consolidate Bills Before Speaking With
Us.
We can advise you if it is really necessary to
do this.
Don't Pack or Ship Information Needed for the Loan
Application.
Important paperwork such as W-2 forms, divorce
decrees and tax returns should not be sent with your
household goods. Duplicate copies take weeks to obtain
and could stall the closing date on your transaction.
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