THINKING ABOUT BUYING A HOUSE???
LOOKING TO REFINANCE???
Seven Things You Should
NOT Do Before Applying For A Home Loan
Don’t buy or lease an auto. The lender looks carefully at the debt-to-income ratio, and a large payment, such as a car lease or purchase, can greatly impact those ratios and prevent the buyer from qualifying.
Don’t move assets from one bank to another. These show up as new accounts and complicate the application process, as you must disclose and document the source of funds for each of these new accounts.
Don’t change jobs. A new job may involve a probation period which must be satisfied before income from that job can be considered for qualifying purposes.
Don’t buy new furniture or major appliances for the "new house." It could increase your debt and disqualify you from the loan or deplete your funds to close.
Don’t run a TRW credit report on yourself. This will show up on your lender’s credit report as an inquiry and must be explained in writing.
Don’t attempt to consolidate bills before speaking with me. I can advise you if this needs to be done.
Don’t pack or ship information that may be needed for the loan application. Important paperwork, such as a W-2 form, divorce decrees and tax returns, should not be sent with your household goods. Duplicate copies may take weeks to obtain.
Please submit your name and phone number and a specialist will contact you right away.
