My New Blog

1. Be truthful on your mortgage application

You may think fudging your income a little or omitting debts when applying for a mortgage will go unnoticed. However, this is not true. Lenders have become more diligent in verifying information on mortgage applications. If you fib, plan to be found out and denied the loan you need to fund your home purchase. Even worse, intentionally lying on a mortgage application is a crime.

2. Hold off on big purchases

Lenders double-check buyers’ credit right before the closing to be sure their financial condition hasn’t changed. If you’ve opened new credit cards, significantly increased the balance on existing cards, taken out new loans, then your credit score may have dropped enough to make your lender change its mind on funding your home loan. I recommend that you hold off on purchases of any kind until your escrow closes.

Although it’s tempting to purchase new furniture and other items for your new home, or even a new car, it is not recommended.

3. Keep your job

The lender may refuse to fund your loan if you quit or change jobs before you close the purchase. The time to take either step is after a home closing, not before.

4. Meet contingencies

If your contract requires you to do something before the sale, do it. If you’re required to secure financing, promptly provide all the information the lender requires. If you must deposit additional funds into escrow, don’t stall. If you have 10 days to get a home inspection, call the inspector immediately.

5. Consider deadlines not changeable

Have your funds together when you make your offer, so you don’t have to ask for a delay. If you’ll need to bring a certified check to closing, get it from the bank as soon as possible. Treat deadlines as they are-DEADLINES!