Don't change your jobbefore 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 fundsto different banks.Like your employment, you need your banking history to show stability.
Don't buya 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 creditbefore 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 cardor start charging excessively.You need a history of responsibility that you can manage your money.
Don't make large or cash depositsinto 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 lieon 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 inquiriesmade to your credit.Seeking new credit translates into higher risk lending. Opening new credit accounts within a short period of timerepresents riskand 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 moneyPart 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 AssociateRussellRealtyStrongsville, Ohio Call or Text me at 440-567-2499
Author:Sandra Lopatka Phone: 440-567-2499 Dated: August 27th 2016 Views: 504 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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"Client Feedback on Matt Dunlavey
How fast did your agent respond to your questions: 5 out of 5
How well did your agent use technology: 5 out of 5
How helpful was the support staff: 5 out of 5
How good was the auxiliary services we recommended: 5 out of 5
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Him walking our target purchase neighborhood with us, passing out flyers (that he made for us) in hopes to find our next home in a market that was very dry at the time.
The moment you'd rather forget?
We lost the first home we wanted because we weren't far enough along in the sale of our home to safely put in a bid. We were very disappointed at the time. Turns out he was right for being so cautious for us. We ended up in a much better home and are now very happy!
Matt handled the sale of our old home and purchase of our new home. He came up with several great ideas to not only market our home, but also to find our new one in neighborhood that didn't have much to offer at the time. He's knowledgeable, passionate, and seems to think outside the box. We are very happy! -D. Meade