Staying a Step Ahead,
Do Not Change Careers: Changing careers before or during the loan process can create a real problem qualifying you for a loan, particularly if that job is in a different line of work or at a lower rate of pay.
Do Not Switch Banks Or Move Money Around: It’s difficult to verify funds if money is moved, so leave everything as is until your loan is closed.
Do Not Make Any Major Purchases: Large purchases have major impact on qualification. If you add a payment or increase a payment it will decrease your qualification amount. Stay away from purchases such as cars, boats, RV’s, furniture…ect
Do Not Pay Off Bills: Your loan officer will advice you if it is necessary to pay bills to help you qualify. Your loan officer will show you how to pay off bills so there is sufficient proof of payments.
In the beginning of getting approved and after you find your dream home, your loan officer will more then likely tell you, your loan is approved. This doesn’t mean everything is done, as far as the buying process goes. The underwriting team that works for the bank that’s financing your home will pull your credit and check your bank statements 24 hours before the actual closing.
Please ask your real estate agent and loan officer before you do anything that involves money.
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