June 27th, 2008

Rancho Mirage Real Estate/

Posted in Rancho Mirage Real Estate by Admin

1. Purchase a Car.
Many people try to increase their social status by purchasing a car and buying a home at the same time.
There’s nothing wrong with that. Mortagage lender determines your affordable ratio by taking commodities which you purchased into consideration like Purchasing the car.
But purchasing the car before buying a home will have an effect on what the mortgage lender determines you can afford for a home.
Ultimately, the car purchase will cuts the amount you can afford to pay for a home.
2. Move Money Between Accounts.
The lender determines you as an elgible for loan until and unless he cross checks your statements from all of your accounts that contain liquid assests.
When you transfer some money among these accounts, if they are large amounts, you will have withdrawals in some and deposits in others.
The lender will request the documentation for these.
Unless you want to keep up with all this paperwork, it’s much easier to leave the money where it is until after you have completed buying a home.
3. Change Banks.
This can easily be coupled with transfering money between accounts.
It just adds additional paperwork for you and the lender.
To make things easier on yourself and the lender, better don’t change current bank until the mortgage is complete.
4. If you are a part-time employee then change your job or shift to full time.
Either of these could have a negative affect on your mortgage approval.
In very cases, lenders approve your loan only when you are employed to atleast two years.
Wait until after buying a home to become self-employed.
If you are a part-time worker, changing jobs creates unpredictability in the number of hours that you will work from one week to the next.
As such, the lender cannot determine your gross income to qualify you for a loan.
Stay with your current job until you have the loan, then change.
5. Apply For a Credit Card.
Even though the inquiry won’t hurt your credit too badly if you already have a good credit score, the additional credit card will cause the lender to question your economical stability for buying a home.
6. Make a Large Purchase.
Anyhow you are going to purchase furniture when buying a home.
Don’t purchase any new furniture until you have obtained the mortagage.
Purchasing costly things makes your lender to cross check your economical situation.

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