Things NOT TO DO If You Really Want To Purchase A Home
April 5th, 2009 categories: Buyer Resource
Things NOT TO DO If You Really Want To Purchase A Home
1. Change Jobs
· Lenders may view this as an unstable employment history, and stable employment is usually a prerequisite for being able to pay your mortgage payments. An exception to this may be if you are continuously increasing your salary, however an unstable borrower is seen as just that…an unstable borrower.
2. Quit A Job
· Quitting a job without first consulting your lender representative, may lower monthly earnings below the point necessary to qualify for a particular loan. If this happens, and you cannot show enough income to cover the monthly payments on a loan (plus your other obligations) then most lenders will not grant you a loan.
3. Make Large New Purchases
· New purchases with the use of credit may change a borrowers debt to income ratios, and this may be seen as added risk the lender may not be willing to accept.
· Large new purchases with the use of cash may lower the ability to make a down payment and pay for closing costs.
· Examples: Cars, Furniture, Appliances, Vacations, etc
Things TO DO If You Really Want To Purchase A Home
1. Postpone ALL Major Purchases Until After You Are In Your New Home
· Postponing major purchases will keep your debt to income ratios intact, and will help you qualify for the loan for your new home. If you are serious about purchasing a new home, then a little patience will help you reach your goal.
2. Make Sure Your Lender Representative Has All Of Your Necessary Information
· If your lender has all of your information application for a loan can be made more promptly, allowing for more time if any supplementary material is needed by the lender. This also allows for your file to be reviewed quickly, as it is complete, and allows for a decisions immediately.
· Examples: Tax records, W-2’s, 1099’s, other loan and credit line details, etc.
3. Contact The WineCountryMoves.com Team
· Start your home search with a consultation from a knowledgeable Realtor or Real Estate Team to insure Real Estate success. A good Realtor will help you assess your situation, show you what is on the market, will help you make choices about what is best for you by comparing different situations to choose from, and will help you with write the contract that will balance acceptance by the seller while staying within your budget.
If you are looking to purchase a home here in lovely Sonoma County, please contact us…we would love to help.
