I was talking to a couple of buyers last week and I went thorugh a list of things NOT to do when applying for a home loan. I was suprised when they never thought of some of these things, so I thought I would list them for everyone.
1. Do not change jobs, become self-employed or quit your job.
2. Do not buy a car, truck or van (or you may be living in it!)
3. Do not use charge card excissively or let any accounts fall behind.
4. Do not spend money that you have set aside for closing.
5. Do not omit debts or libilities from your loan application.
6. Do not buy furniture.
7. Do not originate any inquiries into your credit.
8. Do not make any large deposits into your account without first checking with your loan officer.
9. Do not change bank accounts.
10. Do not co-sign for a loan for anyone.
It seems simple enough but some times these things are not thought of when you are trying to buy a home. You get excited and want to buy appliances or new furniture. You have a realitive who is going to give you money to buy the home or maybe as a wedding present. The banks can (and often will) pull credit up to the DAY of your closing. Just remember this: When it comes to buying a home check with your loan officer before doing anything that involves money or credit. For more information on buying or selling your home go to www.OrangeParkHomeSource.com