If you will be using a lender to help you purchase a home, there are several things that you will need to be aware of from the time you apply for your mortgage until your home closes. This is a list of “don’ts” to help you get through that process without red flag problems.
1. Don’t change jobs
2. Don’t change your pay structure – you will most likely need a pay stub
3. Don’t apply for new credit
4. Don’t change your marital status
5. Don’t deposit money into your bank that cannot be documented –repayment of personal loans, side jobs, sale of assets must all have a paper trail
6. Don’t dispute items on your credit report
7. Don’t run up your credit card bills
8. Don’t let your driver’s license expire- the notary at the title company requires current identification
9. Don’t fall behind on any bills
10. Don’t assume that once you have loan approval you can go spend all your money. You will need money for closing!
11. Don’t apply for other loans for properties- lenders check a system called MERS which identifies any loans you have applied for
12. Don’t put gift funds into your account before clearing with your lender
Your Realtor will work hard to help you find the perfect real estate purchase for your family. Make sure you do everything you can to get that real estate sale to a closing by following the list above. When in doubt, talk with your Realtor or lender. The loan application is the first step in getting a mortgage – there is a lot that your loan officer will do after that point to get the transaction closed for you. If you are looking for a Realtor or a Lender, call RREA today to get started 281.288.3500.
