The 3 biggest mistakes you can make when financing your new home.
May 1, 2015 | Richard Sites
Since the near fatal financial collapse of 2008, lending for the purchase of residential homes is a different game. And in this red hot market you cannot afford to make a mistake when buying a home. That is, if you are getting a mortgage. If you are paying cash, you are free to do as you please.
So, here are the top three thing that can cause your financing to fail and which ultimately could kill the deal.
1. Do not move money between accounts, even your own, or make large deposits without notifying your lender first. Moving money will cause the underwriter to kick the loan out of underwriting and will probably require a written response from you as to what happened and why.
2. Do not make any large purchases, even furniture for your new home. This includes cars, boats or anything else. Wait until your home sale is finished even if you have to place a non-refundable deposit on something special until closing.
3. Do not change jobs or start your own business. These things can wait. Any new employer will certainly understand and again, this could cause your loan to be kicked out of underwriting.
And with the new CFPB changes in place, lenders are driving the closings so you have to comply with them.
If you would like to know more about the Jupiter real estate market or our fabulous coastal Florida lifestyle, visit my You Tube Channel where I have over 350 videos on these subjects. If you are looking for a home in this area, unlike many agents I have lived here 25 years and can show you the best locations and great deals. You can reach me at 561-762-4073 or by email at firstname.lastname@example.org. You can also find me on LinkedIn, Pinterest, Google+ and Facebook.
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