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!!