When Applying For A Loan To Buy A Home

When Applying For A Loan To Buy A Home

If you are thinking about buying a home I would like to share with you a few tips...but keep in mind I am not a lender. 


Below are things I have heard lenders tell me. 


1. When it comes to jobs a buyer should not...

  • change jobs.

  • quit.

2. When it comes to spending money on the following a buyer should not...

  • buy things that cost a lot of money like a car or furniture for the house. 

3. When it comes to credit cards a buyer should...

  • go crazy charging things.

  • fall behind on payments.

  • not open or close a credit card.

4. When it comes to the money set aside for closing costs and a down payment a buyer should not...

  • spend the money on anything...save it for the closing.

5. When it comes to the loan application a buyer should...

  • disclose all debt and liabilities. 

6. When it comes to one's credit a buyer should not...

  • run any inquiries on one's credit.

7. When it comes to making deposits a buyer should...

  • keep good records on where the money is coming from.

  • tell their lender of large deposits. 

8. When it comes to banking a buyer should not...

  • change who they bank with.

9. When it comes to co-signing a buyer should not...

  • agree to co-sign any loan for anyone. 

10. Start gathering 2-3 years worth of following items (there may be more to gather...check with your lender)

  • W-2s, tax returns, pay stubs, bank statements, and a list of assets (i.e. other homes, 401K, stock, and so forth) 


So remember...

  • Talk to a loan officer. 

  • Protect your credit.

  • Keep records of bank transactions.

  • If one of the following occurs inform your lender immediately: job changes, change in income, change of address or anything else that could affect your loan. 

  • Leave your down payment and closing money alone. 



Lorei Velazco Headshot
Author:
Phone: 914-380-9495
Dated: April 5th 2016
Views: 812
About Lorei: Lorei Velazco was born and raised in the south. In fact, Lorei earned two bachelor degrees (Communic...

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