Getting a home loan is a complicated process and many first-time home buyers are unaware of all the pitfalls they might face during the loan process. Have you been wondering what to do or what to avoid as you go through this process? Here are a few tips for a smooth and hassle-free loan closing.
Once you have been pre-approved for a mortgage, do not make any major purchases such as car, jewelry, furniture or appliances. Continue paying all your rent or mortgage payments on time. Do not apply for any new lines of credit or make unusual deposits or transfers of funds. If possible, do not change jobs or bank accounts during this time. Changes in debt-to-income ratio can disqualify you for many loan programs, and other changes may otherwise raise questions about your ability to handle a new mortgage.
Homebuyers should keep the process moving by responding to loan officers’ requests for documentation as quickly as possible. Be prepared to explain any sizable deposits in your bank accounts, which might be called into question when not documented completely and accurately.
Lastly, enjoy purchasing your home but remain objective throughout the process and make decisions that are suitable for your current situation. Remember that pre-approval is not a guarantee. Therefore it's possible to be denied for a mortgage even after you've been pre-approved. However, following these tips should give you confidence that you will receive final mortgage approval.
If you are ready to make your move in the market, either buying or selling, contact Jay Buinicky today at 704-821-7777. Jay would love the opportunity to earn your business and assist you every step of the way.