WHEN BUYING REAL ESTATE THERE ARE FOUR THINGS TO AVOID

Change job, switch bank, pay off bills, buy new purchase

prior to applying for a loan and during the loan process.

Any one of these four things can greatly impact your ability to qualify for a mortgage loan, so it is critical to refrain from doing any of the following until after your loan has closed escrow and the home is yours.

DO NOT CHANGE JOBS
Changing jobs before or during the loan process can create a real problem obtaining final loan approval, particularly if the new job is in a different line of work or at a lower rate of pay. During the loan process, a job change can also create time delays inasmuch as the job will need to be verified (which can take precious time).

DO NOT SWITCH BANKS OR MOVE YOUR MONEY AROUND
It is best to leave your money right where it is until your loan is closed. Moving your money to a new bank or even into a new account can raise questions.

D0 NOT PAY OFF BILLS
Your loan officer will advise you if it is necessary to pay off bills to help you qualify for a loan. They will also show you the best way to pay off bills to make sure we have the evidence we need to prove that bills have been paid.

DO NOT MAKE ANY MAJOR PURCHASES
Many borrowers make the mistake of buying a new car, some furniture or some other major purchase without realizing the impact it can have on their ability to buy a home. A large additional monthly payment can affect you obtaining final loan approval. If you must do any of the "no-no’s" listed above (even if you’ve just been pre-qualified for a loan), contact your loan officer. He can help you by re-qualifying you if necessary and presenting your options. By avoiding these four things, you can look forward to a successful loan closing.