THINGS YOU SHOULD DO:
- BE SURE TO PAY YOUR BILLS ON TIME (this includes bills that don’t usually report on your credit like cable and power etc. If not paid for a period of time a collection can be filed)
- PAY YOUR SCHOOL LOANS (unless they are deferred) speak with lender regarding this
- PAY YOUR RENT ON TIME (if renting)
THINGS YOU SHOULD NOT DO:
- DO NOT OPEN ANY NEW CREDIT (secured or unsecured)
- DO NOT BUY NEW FURNITURE
- DO NOT BUY NEW APPLIANCES
- DO NOT BUY A NEW CAR (or used car)
- DO NOT CHANGE JOBS (includes quitting or getting fired)
- DO NOT CLOSE YOUR CREDIT CARD ACCOUNTS (lenders need to see that you are responsible with open credit)
- DO NOT MAX OUT YOUR CREDIT CARDS (for the same reason as above)
- DO NOT GET CASH ADVANCES OR LOANS TO PAY FOR INSPECTIONS ETC… speak with lender regarding this
- DO NOT MAKE UNDOCUMENTED DEPOSITS OR WITHDRAWALS INTO YOUR BANK ACCOUNTS (most mortgage loans require 30 to 60 days’ worth of bank statements)
Just because you have been preapproved OR even approved for a loan does not guaranty that you will not be turned down. Keep in mind that lenders will pull your credit again a day or two prior to closing to verify that your credit has not changed. If it has changed significantly, YOU CAN POSSIBLY BE DENIED.
Getting a mortgage should be your priority if you do not have cash to purchase a home. It is the most critical time in the home buying process.
You have searched through several homes, and have located “The Home”. Your offer gets accepted, and you’ve paid for the inspections, and appraisal. You don’t want to jeopardize things now, and be turned down for your loan. IT CAN HAPPEN! If the lender thinks you are a risk at any point of the process you can be denied, especially during the underwriting process.
If you have any questions, first call your lender (or mortgage broker). They will be happy to guide you through each step, and answer any questions you may have so that you do not make mistakes along the way. Once you have closed on your new home, then you are free to use your credit once again.
REAL ESTATE OCALA FL
Looking to purchase a home… I can sell any home in Marion County…
Call me today for more information regarding all your Real Estate needs.
Teresa Fikaris, (Realtor) Buyer’s Agent, Fontana Realty
Cell: 352-208-5874 Website: www.OcalaBuyersAgent.com
Going the extra mile with a smile!