Don't Trip Yourself up While Buying your Home

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Some new homebuyers make the mistake of rushing out to buy new things for their home soon after the seller says "yes" and the loan is approved. There are still a few major hurdles to jump before the keys are handed over. We have given you a list of things below we suggest you stay away from when waiting for your loan to close.

Don't make expensive purchases. Although you may be dreaming of ways to turn your new house into a showplace, avoid big ticket purchases like appliances, electronics, or furniture. We also recommend that you keep away from vacations and vehicle purchases until your loan closes. Your credit numbers could be altered suddenly if you make a huge purchase using credit cards. Because lending institutions are examining your financial accounts, a large cash purchase is also not advised.

Don't get a new career. Consistency in your job history is a positive thing to banks and other lenders. Getting a new job before you start the application process for a mortgage loan may not jeopardize your approval at all. However, switching careers during the application process may affect whether or not you are approved.

Don't switch banks or move finances around in your bank accounts. Your lender will instruct the submission of recent bank statements for your accounts: savings, checking, money market, and other assets. To avoid fraud, lenders will need a consistent portrayal of how you earn your living and where additional wealth comes from. Changing banks or moving money to another account - no matter the purpose - may hinder the documentation of your funds.

Don't give your FSBO (for sale by owner) seller a "good faith" deposit, delivered to his door. Until closing, any good faith money remains yours. Any earnest money is to be applied to your expenses upon closing; the individual seller may not know this. Find an attorney or other neutral person who is able to hold the funds or put them in a trust account until closing. Should your home purchase fail, the contract with the seller should specify to whom the good faith funds should go.

At Team Howard Mortgage, we answer questions about this process every day. Give us a call: 8082587653.