In order to have the best chance of securing a home and having the leverage over other buyers in the market, you should get prequalified. Being prequalified provides you sound of mind to secure that perfect home. At Phoenix Homes we value the lenders we work with. Securing the right loan for your home purchase is an important component. The lender companies listed below are companies we have worked with and recommend. The choice is yours!
HERE ARE 5 IMPORTANT ISSUES TO THINK ABOUT WHEN YOU DECIDE TO FINANCE A HOME
When you decide to move forward with qualifying for a home loan be sure, if at all possible, not to change jobs during the loan process unless your new position is the same line of work. If your line of work does change before or during your loan process this could significantly hinder your chances of securing a home loan. And if your job does change during your escrow, this could delay your closing as your lender will need to verify your new position.
Large Deposits, Money Transfers and Gifts
As you move through your loan process its good to just leave your money alone until your loan closes. When you move your money from one account to another, or to a new bank, credit union, etc., it can delay verification from your lender. Should you absolutely have to make a change, large deposit, etc., please make sure that you document as much as possible to support those transactions.
Paying Off Your Bills
As mentioned, your lender or loan officer, will advise you if any bills are necessary to be paid off, paid down, etc., Should you need to reduce your debt, it is being requested too ultimately provide you a better position to secure your loan. In most cases, you should leave your money in your accounts and not pay off your bills until your loan closes.
When you are trying to qualify for a home loan or have qualified for a home loan, making major purchases anytime before or during your loan could significantly impact your ability to qualify or jeopardize your current loan. It is best to wait on those purchases until your qualified or your escrow closes.
Co-signing for Others or Opening and or Closing Credit Accounts
Co-signing and or changing status of your credit card accounts is truly one of the worse things one can do when trying to qualify for a home loan. If you have co-signed for someone, family or not, you will need to provide documentation to your lender that shows you do not make the payments to that debt. It is very typical for a lender to request 3-12 months of canceled checks to prove this.
A FEW DO'S AND DON'TS WHEN FINANCING
Here is a list of helpful tips to ensure an effortless loan process. These Do's’s and Don'ts will help avoid any delays with your loan approval;
- Do continue making your mortgage or rent payments.
- Do stay current on all existing accounts.
- Do keep working at your current employer.
- Do keep your same insurance company.
- Do continue living at your current residence.
- Do continue to use your credit as normal.
- Do call us if you have any questions.
- Don't make a major purchase (car, boat, jewelry, etc.).
- Don't apply for new credit (even if you seem pre-approved).
- Don't transfer any balances from one account to another.
- Don't pay off charge offs without a discussion with us first.
- Don't pay off collections without a discussion with us first.
- Don't buy any furniture.
- Don't close any credit card accounts.
- Don't change bank accounts.
- Don't max out or over-charge on your credit card accounts.
- Don't consolidate your debt onto 1 or 2 credit cards.
- Don't take out a new loan.
- Don't start any home improvement projects.
- Don't finance any elective medical procedure.
- Don't open a new cellular phone account.
- Don't join a new fitness club.
- Don't pay off any loans or credit cards without discussing it with your loan officer.
WOULD YOU LIKE FURTHER INFORMATION ON YOUR FINANCING OPTIONS?
Please complete the form below and one of our associates will be in touch with you. We look forward to taking the time to answer all of your questions and assisting you with your new home search.
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