Don't Trip Yourself up While Buying a Home

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With the thrill that comes with an accepted offer and a "yes" from the lender, many homebuyers make the error of taking their enthusiasm straight to the mall or appliance store. There are still a few major hurdles to jump before the keys are handed over. We have listed some things below you will want to stay away from when waiting for closing.

Don't overspend on big-ticket items Although you may be planning ways to turn your new home into a castle, avoid big ticket purchases like appliances, electronics, or furniture. You will also want to avoid vacations and car purchases until the closing of your loan. Your lender may send up red flags if you finance new electronics on your credit cards during your loan process. It's even a red flag to make those large purchases using cash. Lending Institutions are looking at your cash reserve when considering your loan.

Don't get a new career. Your recent job history should show stability. Getting a new job may not jeopardize your ability to qualify for a loan - particularly if you are going to be making more money. But in some cases, getting a new job during the loan application process could raise concern and stymie your approval.

Don't move cash around or change banks. Bank statements from recent months for accounts in your name (checking, savings, money market, and other assets) will be analyzed as the lending institution considers your application. Your lending institution is looking for a consistent flow of your money each month, in order to avoid fraud. Even for practical reasons, moving around finances or switching banks might make it more difficult for your lending institution to document your bank history.

Don't give your FSBO (for sale by owner) seller earnest money, delivered to his door. Your good faith deposit does not belong to the seller: it is actually yours until the transaction is final. Some sellers might not realize that this earnest money is to go toward your expenses upon closing. An attorney or other type of neutral party can hang onto your earnest funds, or you may put them temporarily into a trust account until you close. Your contract should indicate to whom the deposit goes if the home purchase does not go through.




Joe Wagner can walk you through the pitfalls of getting a mortgage. Give Joe Wagner a call at 612-327-4544. It's his job to make you are aware of the loan process so your loan can close smoothly! We know you're busy, so feel free to complete the form below to be contacted by Joe Wagner.

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