Basics: Financing Dos and Don’ts
Posted Sep 26, 2008 @ 8:26 pm, Viewed by 482 Visitors, Read 487 Times.When it comes to financing, you will be face with a lot of decisions. Knowing what to do and what not to do will help you to get the best deal.
The DO’S:
Pay your existing mortgage payments on time.
Pay all recurring debts on time, because there is a chance that your credit will be run again before the close of escrow.
The DON’TS:
Open a new credit line.
Purchase new furniture or a new automobile (including leasing the vehicle). A car payment on your credit report can greatly reduce your purchasing power on a home. Get the house first, then think about the car later.
Transfer funds or change banks without consulting the loan officer first.
Put more debt on your credit cards.
Change or quite a job without consulting the loan officer first. This will prevent any problems if the lender makes a call before funding begins to make sure that you are still employed by the company listed on the loan application.
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Righteous post, I'd like to add a few others that I include in my handouts to buyers.
1. Don't spend money on unnecessary items-be frugal.
2. Don't go out to expensive restaurants.
3. Don't cosign for a loan, car or anything for anyone
4. Don't keep mattress money-put into a savings acount.(large deposits have to be explained if not seasoned for 60 days)
Once you have closed on the house, then you can do the dont's!