In the world of real estate, there are some serious no-no’s. Doing any of the below can really impact your credit or cash scenario, and that may cause your loan to fall out.
The list below will dive into it a little more:
When you are buying a home, it seems that there is an excitement that goes with it. And it should. It is a great experience. But unfortunately, this excitement can turn into a buying spree. Whether it is buying appliances or furniture, or just “celebrating” with meals and entertainment, the spending spree can end up costing you your home.
Wait until after closing to charge new items.
Believe it or not, depositing money into your account can cause a lending issue. The lender will want to know where it came from. The deposit will need to be documented, and the lender will want to verify the funds are not borrowed.
Don’t deposit money (or checks) on your accounts outside of the normal activity. If you do, make sure you talk with your loan officer first.
Changing credit scenario
Closing credit cards or opening new accounts can change your credit score. This can in turn affect your interest rate and possible cost you the deal on the home.
This includes creating new accounts for the future appliances and furniture.
Solution: Whatever you do, don’t charge new items while getting a home loan. But more than that, don’t cancel credit cards or open new ones without discussing it with your lender.
Theoretically, as long as the work is the same line of work, it shouldn’t matter. But, if you change employment, it is likely the lender will require at least a 30 day paystub. Keep the time frame for closing in mind, so you don’t cause the delay that could wreck your transaction.
Solution: If possible don’t change employment in the middle of a transaction. Even if it is the same line of work.
Negotiating will seller.
Sometimes the opportunity presents itself for you to negotiate with the seller. Maybe they said they will be willing to fix something, or leave additional equipment (lawn mower, washer, dryer, etc.)
The problem with this is that if your agent doesn’t know about it, and it is not written down, there is a chance that it won’t happen. Then people are angry for not getting what they think they are due.
Solution: Try to do all negotiations through your real estate agent.
It is really the best advice to ask your loan officer or real estate agent before doing anything that may affect the file. It is only a couple of months, but doing so can really save some heartache.
When looking to buy Grants Pass Real Estate, hire someone who really understands all facets of the process.