Congratulations! You’ve found the perfect home, had your offer accepted, and applied for a mortgage. You are on the home stretch! But there are some key things to be aware of before you close.
Home Buying 101: The Do’s (but MOSTLY) Don’ts After Applying for a Mortgage
Dated: January 18 2021
Congratulations! You’ve found the perfect home, had your offer accepted, and applied for a mortgage. You are on the home stretch! But there are some key things to be aware of before you close. It is very important to speak to someone who is qualified to counsel you on how to proceed with any financial decision that may have an impact on your home loan.
DON’T Apply for New Credit: Running a credit check will impact your FICO® score and may result in a change to your interest rate or possibly your eligibility for approval.
DON’T Make Any Large Purchases: Acquiring new debt (i.e. new car, purchasing furniture, etc) means new monthly payment obligations, which may result in a previously qualified borrower no longer able to qualify.
DON’T Deposit Cash Into Your Bank Accounts: The mortgage process requires lenders to source your money and cash is difficult to trace. Discuss any money transaction with your loan officer BEFORE depositing any amount of cash into your bank accounts.
DO Stay at Your Current Job: Drastic changes to your lifestyle or employment status (i.e. quitting your job, changing your career path) may raise red flags with your lender and cause setbacks and/or slowdowns during the mortgage process. An exception to this rule would be a positive employment change such as being promoted to a higher position.
DON’T Co-sign Other Loans for Anyone: Co-signing a loan means you are obligated to cover the payments. Regardless of whether the primary borrower promises to make the payments, your lender will count the payments against your debt-to-income ratio.
We hope that these helpful tips will make your home-buying journey smooth and successful! Putting a smile on your face is what puts a smile on ours.
Are you looking for your dream home in Florida? Click here The full-service real estate team at Curri Properties is here to help you through the process of finding and purchasing the property of your dreams! As always, we are here to help and answer any questions you may have about the home-buying process! Contact Us Today!
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