It’s A No-no

So you’re buying a house.  You’ve been pre-approved for a loan.  You’ve found the house and now you’re getting inspections and signing endless documents.  Do one of these naughty things and the dream could be over sooner than you thought.

It’s not over until it’s over - or until the bank wires the money to the title company.  Your mortgage provider has no legal obligation to give you that loan.  If you make a boo-boo, they’ll pull it right out from under you.

Make a major purchase, like a car, that changes your whole financial picture.  Your loan was approved based on the debt you had at the time you filled out the application.  Buy a car, boat, furniture and uh-oh, it’s over.

Get a new job.  That’s a bad one too.  Again, your loan was approved based on the information provided.  And don’t think you can sneak.  The bank will call your employer right before they wire the funds to make sure you still work there.  If you don’t, your home purchase goes to the recycle bin. 

Apply for a new credit card.  Na-uh.  Now you’re scaring the bank.  You have more money to access which means more debt, probably too much more.

Request a copy of your credit report, shop your loan.  Every time you do one of those, your credit score goes down. 

Move your money from one account to the other; unless it’s to apply the funds to the purchase of the house, forget it. 

Do one of these and you’ll be sorrrrry.  If the bank won’t give you the loan, you can’t buy the house and even worse, you could lose the deposit you made.   Not good!

Vicki Moore About Vicki Moore

RE/MAX Star Properties
282 Redwood Shores Parkway
Redwood Shores, CA 94065

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