What To Avoid During the Home Buying and Mortgage Process!
Congratulations! You’ve found a home to buy and have applied for a mortgage and you are in escrow! No doubt you are excited about decorating your new home and buying those new kitchen appliances! But before you make any big purchases, move any money around, or make any big-time life changes, consult your loan officer. They will guide you through the process so that you do not jeopardize your approved home loan.
Below is a list of 3 Things You Should Not Do During the Home Buying/Mortgage Process!!
1. DON'T CHANGE JOBS! The source and amount of your annual income has to be tracked. Avoid changing from salary to commission or becoming self-employed during this process.
2. DON'T DEPOSIT CASH INTO YOUR BANK ACCOUNTS! Monies have to be "sourced" by your loan officer. Discuss making this type of transactions with your loan officer BEFORE you make them!
3. DON'T APPLY FOR NEW CREDIT OR MAKE ANY LARGE PURCHASES! Your FICO score and/or debt ratios may be affected and jeopardize your pre-approval status!
Any change in income, assets, or credit could negatively affect your debt ratios and/or FICO score. They should be discussed and reviewed with your loan officer and executed in a way that ensures your home loan can still be approved. Always fully disclose and discuss your plans with your loan officer before you do anything financial in nature. Their job is to guide you through the process. This is why you should pick a loan officer with the "Heart of a Teacher"!