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Things NOT TO DO In Your Quest To Buy A Home
When you have arrived at the journey of purchasing your very own home there are a few things to NOT do during the process. You have heard all the stories good and bad about the journey. These are a few things to remember, and can save you time and money in the process.
Don't make any significant purchases during the mortgage process. This could negatively affect your debt-to-income ratio. When you were pre-qualified, this was taken into consideration on what you are approved for. If you add anything to your credit, you could change the ratios and not be able to qualify for the original amount, even after you have found your perfect home.
Don't consolidate credit cards or get any new lines of credit. Much like the last "don't" this can also negatively affect your debt-to-income ratio.
Don't pay off collections or charge-offs. Unless directed by your mortgage consultant, this can actually cause your credit score to drop. This may sound strange but when it comes to credit scores, these things happen.
Don't change jobs if possible. It is usually more desireable to show a two-year work history and a new job caould affect that. You will have to show recent up to date information which means possible waiting longer for your employer to have the information needed to provide to your mortgage specialist.
Don't co-sign for another borrower. This will show up as additional debt for yourself even if your just co-signing and not paying the det personally. This could also affetc your credit score, which can possibly disqualify you from having the score needed to purchase your home.
Don't change your overall asset picture. This could include changing investments, opening/closing accounts, or making unexplained large deposits.
When working wit mortgage specialists, always keep them up-to-date if there are any changes inlcuding chage of current address, jobs, salary, or anything in between for loan processing. Always keeps records of all bank transactions, especially if you transfer large amounts from one account to another. Protect your credit scores by utilizing any of the free credit scoring companies, any little change can impact your loan. Keep in contact with your mortgage specialist if you have any concern or questions about your loan.
Keeping all this mind will absolutely help you in your Quest to Buy A Home!