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For most people, buying a home is the biggest purchase you’ll ever make. Financing it doesn’t need to be complicated, difficult or worrisome. At Forte Bank, our lenders offer expert guidance, same-day responsiveness, and peace of mind.
To help ensure a smooth journey, keep these 10 rules of homebuying in mind as you set out to find your perfect home.
And, don’t forget to get pre-approved!
1. Do not change jobs, become self-employed or quit your job
Lenders want consistency. Change jobs after you change your address.
2. Do not buy a car, truck or van (or you may be living in it!).
New large credit purchases give your lender concern that you won’t be able to repay your mortgage.
3. Do not use credit cards excessively or let current accounts fall behind.
Excessive credit card use negatively impacts your debt-to-income ratio and your credit score. Ensure your balance is 25% or less of your credit limit, pay monthly bills on time, and don’t open any new lines of credit.
4. Do not spend money you have set aside for closing.
Don’t jeopardize your ability to pay closing costs by spending this money on something else.
5. Do not omit debts or liabilities from your loan application.
Underwriters are extremely thorough. Your omissions will be found, and when they are, you will seem like a riskier borrower.
6. Do not finance any new furniture.
See numbers 2 and 3. Then stay the course.
7. Do not originate any inquiries into your credit.
Even self-run credit checks can negatively impact your credit score. Sign up for www.optoutprescreen.com to eliminate unwanted calls from credit reporting agencies looking to sell your info. Ask your lender if you have questions about your credit.
8. Do not make large cash deposits without checking with your loan officer
Making large cash deposits can look suspicious. If someone is gifting you a sum of money for your house, consult with your lender on how to properly document it.
9. Do not change bank accounts
Lenders like to see a stable financial history and switching banks before closing can jeopardize your approval.
10. Do not co-sign a loan for anyone.
If you co-sign a loan for someone and they default, the bank WILL hold you responsible for this debt. Do not take on this financial burden before buying a home.
Many first-time homebuyers aren’t aware of how easily these items can affect their debt-to-income ratio and credit history, both of which affect your ability to be approved for a loan. Don’t be afraid to talk with us about questions, issues or changes. We’re here to help and offer you confidence and ease.
Check out today’s rates, contact one of our mortgage lenders, or start an application in our Mortgage Center.
