Blog

1.  Assuming you qualify, or don’t qualify, for a loan.

There are many things we consider when determining whether to lend to a potential home buyer.  What you read in the newspaper regarding requirements is not necessarily true.  What one loan officer tells you is their policy, is not necessarily the universal policy for all lenders.  It’s important to find out what the true story really is.

2. Not keeping good records.

When you apply for a loan, we need to document your income and assets.  If you are moving money around, keep transfer confirmations.  Store your tax returns and W2s in one place so that you know where all your historical information is.

3. Applying for more debt before you close.

Until you actually purchase your home and you have your keys, you can’t apply for anything else.  That means no financing furniture, or applying for a Home Depot credit card.  This is because when you applied for your mortgage you disclosed your debts, and that list of your liabilities cannot change until after the loan is already made.