Things to Avoid While Buying a New Home in Chandler
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Some new homebuyers make the mistake of rushing out to buy things to fill their home soon after the seller accepts their offer and the lender approves their loan. There still remain a few major hurdles to jump before your loan closes. Below you'll find a list of things to stay away from during this crucial time of your home purchase.
Don't overspend on big-ticket items Although you will be planning ways to turn your new home into a showplace, avoid big ticket purchases like appliances, electronics, or furniture. We also recommend that you stay away from vacations and car purchases until your loan closes. Your credit numbers could change suddenly if you make a huge purchase using plastic. It's even a bad idea to make those large purchases using cash. Lenders are examining your available cash when considering your loan.
Don't go on a career hunt. Your recent job history should show consistency. Getting a new job may not affect your ability to qualify for a mortgage loan - particularly if you are improving your salary. But for some people, changing careers during the mortgage loan application process could bring concern and hinder your approval.
Don't change banks or move cash around in your accounts. Most lenders will ask for recent bank statements on all of your accounts: savings, checking, money market, and other assets. To eliminate potential fraud, most lenders need detailed paperwork to determine the source of all incoming funds. Switching banks or transferring money elsewhere - even if its just to pool funds - could make it difficult for the lender to verify your funds.
Don't give your FSBO (for sale by owner) seller a "good faith" deposit, cash in hand. Your good faith money does not belong to the seller: it is actually yours until closing. Any good faith money is to be applied to your expenses upon closing; a individual seller may not realize this. Get a lawyer or other neutral party who will hold the money or put it in a trust account until closing. Your purchase contract should specify to whom the deposit goes if the transaction fails.
Chandler Mortgage LLC can walk you through the pitfalls of getting a mortgage. Call us at 480-390-4995.