The information provided herein has been prepared by a third party company and has been distributed for education purposes only. The positions, strategies or opinions of the author do not necessarily represent the positions, strategies or opinions of CrossCountry Mortgage or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.
April 1, 2019
If anyone understands that you aren’t living your life to qualify for a home loan it’s me!
Nevertheless these five things can add extra stress & even prevent you from buying a home all together! Don’t let this happen to you!
1. Applying for new debt!!! I know it’s exciting and they are having 0% interest sale on appliances, but verifying this new payment can delay your closing and even impact your debt to income ratio so much that you do not qualify.
2. Change jobs!!! Employment verifications are done several times throughout the process. Changing jobs can add additional delays and if you change the pay structure can even mean that you qualify with less income even though you might be getting a pay raise. #truestatement
3. Large cash deposits!!! Lenders have to document and source all deposits within the most recent 60 days of your home purchase. Mattress money is hard to document and can make you have to provide 12+ months of banking history to show proof you were able to save these funds!
4. Ignoring lender requests!!! I know it can seem overwhelming, but the last thing your loan officer wants to do is keep asking you for more and more documentation . As tedious as it may seem, lenders have to document your ability to repay hundreds of thousands of dollars of debt and sometimes we need more than just just part of your bank statement and a pay-stub.
5. Vacationing during the process!!! Leaving for extended periods during the process will cause delays. There are several time sensitive inspections and documents that when not executed correctly can cost you your earnest money or make you miss your close of escrow. If you must leave, please travel to a place with the internet!!!
I hope you found these helpful, and if you need additional information, please know my team is here to help you!!
Lizy Hoeffer NMLS ID # 260183. AZ LO-0913409 I am authorized to conduct business in the state of Arizona. All loans subject to underwriting approval. Certain restrictions apply. Call for details. THIS SITE IS NOT AUTHORIZED BY THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES. PHONE NUMBERS DISPLAYED ARE NOT FOR USE BY NEW YORK BORROWERS. NO MORTGAGE SOLICITATION ACTIVITY OR LOAN APPLICATIONS FOR PROPERTIES LOCATED IN THE STATE OF NEW YORK CAN BE ACCEPTED THROUGH THIS SITE. CrossCountry Mortgage, LLC. NMLS1925878, 3100 West Ray Road, Suite 201 Office 212, 218, 219 & 228, Chandler, AZ 85226 (www.nmlsconsumeraccess.org)
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