While you’re looking for home financing, you may be tempted to take certain actions that seem harmless enough—but which may adversely affect the loan approval process. In particular, we recommend that you:
- Don’t change jobs. Any required probation period would have to be completed before income from the new job would be considered for loan qualifying.
- Don’t buy or lease a motor vehicle. A large payment of this type can adversely affect your debt-to-income ratio—and possibly prevent you from qualifying for a home loan.
- Don’t buy expensive new furniture or major appliances on credit for your hoped-for home. Such purchases will significantly increase your monthly obligations, possibly to the point that you won’t quality for a loan or have enough funds on hand to meet closing costs.
- Don’t try to consolidate bills without informing your lender first. Your Loan Officer may tell you that this step isn’t necessary to qualify for your loan.
- Don’t pack or ship information you’ll need for the loan application. You’ll need to have important papers (W-2 forms, tax returns, etc.) on hand at all times. If they aren’t available and you must obtain duplicates, the wait could stall the closing date on your transaction.
- You have the RIGHT to...
- shop for the best loan for you and compare the charges of different mortgage lenders.
- be informed about the total cost of your loan including the interest rate, points and other fees.
- ask for a Good Faith Estimate of all loan and settlement charges before you agree to the loan and pay any fees.
- know what fees are not refundable if you decide to cancel the loan agreement.
- ask your mortgage lender to explain exactly what the mortgage lender will do for you.
- know how much the mortgage lender is getting paid by you for your loan.
- ask questions about charges and loan terms that you do not understand.
- a credit decision that is not based on your race, color, religion, national origin, sex, marital status, age, or whether any income is from public assistance.
- know the reason if your loan was turned down.
"Thank you for all of your superhuman effort during our last visit. Brendan & I feel lucky to have such dedicated folks helping us find a new home!"
- Jess & Brendan
"Also, we wanted to thank you for all of your help with the house! We couldn't have had anyone do a better job than you did!"
- Allison & Jay
The Buying Process
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