Some new homebuyers make the mistake of rushing out to buy things to fill their home soon after the seller says "yes" and the lender approves their loan. Until the house is really yours, there are still some hurdles to jump. Here are some things to avoid before closing to assure the transaction goes smoothly.
Don't buy luxury items. Although you will be listing ways to turn your house into a home, avoid any new loans. Always consult your mortgage professional if you are unsure. Financing large purchases such as furniture and cars can wildly throw of your debt ratio. Always call and ask if you are unsure what to do.
Don't get a new job. If you are going to make a change in your employment be sure to let us know as soon as you possible. Usually a job switch in the the same industry is not a problem. If you are relocating to the area in the same field of work this is usually no problem. When re-entering the work force then 6 months employment is required. Also, becoming self employed prior to or during your loan applicaiton will often result in a denial.
Avoid moving cash between your accounts. At times, tracing the source of your down payment can be the most difficult part of the process by far. Please avoid unnecessary transfers and excessive movement of funds during or even before your mortgage application. Tracking funds that have been moved around can creat a tremendous amount of work for you.
Loans for down payment
It is acceptable to borrower all or a portion of your down payment from a home equity loan or refinance transaction... as long as it is secured financing. Please be sure to inform your loan office so he or she can take the new loan balance into account.
Dynamic Mortgage Services Corp can walk you through the any potential pitfalls of getting a mortgage. Give us a call: 302.227.4747.
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