Once home buyer has been approved for a mortgage loan, they need to make sure they don't jeopardize the loan by making any of the common mistakes listed below. The lenders can and will rescind a loan offer and the buyer is left with no home.
Common mistakes
• Making a big purchase. Big purchases, such as a new car or furniture, can change the buyer’s debt-to-income ratio that the lender used to initially approve the buyer’s home loan.
• Opening new credit. Buyers should avoid new credit card applications between approval and closing.
• Missing payments. Even bills in dispute should be paid on time between loan approval and closing.
• Cashing out. Avoid transferring large sums of money between bank accounts or making undocumented deposits – both could send up “red flags” to a lender.
These mistakes truly are deal breakers and adversely affect your mortgage loan. It is best to call your lender or me before making any big purchases or if you have any questions.
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If you are currently pricing homes in our market, you might be interested in Keenan Real Estate's email listings service, which sends you up-to-date information on all listings as they become available. The service is free and can be found HERE
And just so you know, using me as a buyer agent won’t cost you anything. My services are paid for by the home seller. I specialize in working for home buyers, representing their best interests throughout a purchase.
Or if you're looking to sell today or are thinking of selling tomorrow, please feel free to call or visit http://www.homevaluecolorado.com or ask for an analysis of our recent market activity.
We would be more than happy answer any questions you might have.
