Aug 27 2016 18210 1

Aug 27 2016 18210 1

WHEN BUYING A HOUSE:

TOP 10 DON’TS WHEN BUYING A HOME:

Don't change your job before submitting a loan application for a home loan.ADDITIONALLY- now is not the time to become self-employed or quit your current job.  You need to show job stability, which means you'll be less likely to default on the loan.  Some circumstances may need to be discussed with the lender before it happens.

Don't move your funds to different banks.Like your employment, you need your banking history to show stability.

Don't buy a car, truck or other form of transportation that you will have to finance.  Buying will increase your debt-to-income ratio and that's something loan officers don't want to see.

Don't buy furniture or appliances on credit before purchasing your home.Like financing a car, charging big-ticket items increases your debt-to-income ratio even when purchasing 6 or 12 months same as cash the payment still applies.

Don't be late on your credit card or start charging excessively.You need a history of responsibility that you can manage your money.

Don't make large or cash deposits into your bank accounts.Lenders like to see the money you are using to purchase has been sitting in the account for at least two months – this is termed "seasoning" - so that the funds don't just appear without a paper trail.

Don't lie on your application.  Don't leave out information on debts or liabilities you have or misrepresent your income. Every bit of information is checked or verified.

Don't be a co-signer Someone else’s Bad credit can become yours. You may not be the one making the payments on that loan, but it will be included in your debt-to-income ratio.

Don't have additional inquiries made to your credit.Seeking new credit translates into higher risk lending.  Opening new credit accounts within a short period of time represents risk and your credit score may be adjusted. It could affect factors for the lender interpreting your ability to repay a debt SO why take that chance at this time.

Don't spend your money Part of the purchasing process includes the closing costs and you will probably have some costs to pay for.   Be Prepared- you and the lender should discuss how much money will be needed to have before and after closing.

DO ASK A PROFESSIONAL REALTOR TO HELP YOU FIND YOUR NEXT HOME AND HELP YOU THROUGH THE PROCESS. 

Your Next REALTOR+Sandy Lopatka- Broker/Sales Associate Russell Realty Strongsville, Ohio  Call or Text me at 440-567-2499


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Phone: 440-567-2499
Dated: August 27th 2016
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About Sandra: I love what I do! For the last 33 years I have been dedicated to deliver my experience and exper...

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