Buyer Pitfalls To Avoid Prior To Closing On A Home
1) CREDIT INQUIRIES - Please do not allow your credit to be pulled during the loan process. Your scores are reduced when pulled multiple times and can adversely affect your scores and could affect your loan approval or interest rate. A credit comparison report will be pulled at funding and any variances will need to be addressed and could put your funding at risk.
2) MAJOR CREDIT PURCHASES – Do not make any major purchases on credit without contacting me first. This includes major purchases such as a car, or furniture, etc. which you may want for your new house. These will affect your debt ratios and your credit scores and possibly your approval.
3) MONTHLY PAYMENTS – Make all of your monthly obligation payments ON TIME. Your credit will be pulled again prior to closing, and any late-payments, collections or charge-offs could adversely affect your loan, even up to the day of closing/funding.
4) BANK STATEMENTS & OVERDRAFTS – Do not have any NSF charges on your bank statements between now and closing. Copies of your bank statements could be obtained prior to closing. Overdraft charges will signal the underwriter that you are unable to maintain monthly financial responsibility, unless the charges were due to extreme circumstances beyond your control. Please keep all bank statements (Savings, checking, assets, etc) from now until closing.
5) EMPLOYMENT – If your employment situation should change, or you are thinking about changing your employment situation, call me immediately. Income and employment are primary factors in final loan approval.
6) TAX RETURNS – Up to three years of tax returns will be verified using a third party service. All taxes liabilities owed to the IRS on the returns must be paid and supported via cancelled checks or bank statements. It is imperative that you let us know if you have not filed a tax return, filed a return late or filed an extension anytime during the last three years.
7) ASSETS- Any large deposits or withdrawals on your bank account will need to be sourced from
beginning to end. If you are going to make a large deposit please get with me for the exact
Requirements for documentation so that it will not affect your loan approval.
IF YOU ARE INTERESTED IN PURCHASING A NEW HOME IN THE DFW AREA PLEASE CONTACT TEAMDECLL. YOUR REAL ESTATE EXPERTS!