August 1, 2017 | Lucky Hallman
All the months or years of cutting corners, missed vacations and talking yourself out of buying that new car, have finally come to a conclusion. Your buying a home. First and foremost, congratulations! Whether it be your first purchase or if this isn't your first time at the rodeo, buying a home holds some pretty strict guidelines when going through the beginning stages. So when the clerk at the check out counter gives you their spiel about opening an account. Simply smile and say, "No thank you. I'm trying to buy a home right now." The more you say that out loud, the easier it will be to walk away. With that thought in mind, here are a few more things to consider:

Don’t Changes Jobs...
If you’re in between jobs or considering leaving your current job, think twice. Lenders may take a step back if you have recently changed jobs or if looking for new employment. If you've heard that taking a new job doing the same profession, won't cause a problem, think again because it just might. Every lender has their own restrictions and guidelines to follow. Why risk it? You want to show the lenders that you have a stable income and that it can be accounted for by how long you've been with the same employer.

Don’t Miss Bill Payments...
Don’t be late on your bills. Especially if you have a current mortgage. If your late on a mortgage payment, some lenders frown on that and will more than likely want to see that you've been current and on time since the missed payment for up to ONE YEAR.  You want to appear responsible to lenders and paying your current bills is the first step.

Avoid The Temptation On Making Large Purchases...

Remember that new car you passed up on? Well it's a good thing you did. Large purchases increase your debt to income ration. At this stage in the game, you don't want any hitch in the giddy up. Avoid buying the bigger amenities for your new home until AFTER the loan goes through.

Don’t Change Banks...
Changing banks before you apply for a loan can create more of a paper trail that you care to travel.  By keeping your current financial institution in tact, it shows stability and a track record of good standing. Especially if they are the ones financing your home.  Keep it under the same umbrella if you can.

Don’t Lie On Your Applications...
Keep honest when filling out your loan applications. More than likely you will be asked the same question more than once. Just follow these words of wisdom and you'll be fine. "If you tell the truth, you don't have to remember anything".

And lastly, remember the retail clerks offer for a new credit card?
Just say NO! Even if you have a great credit score, applying for a new credit card may tell lenders that you are in financial distress and may not approve the loan. You've made enough sacrifices thus far. What's a couple more months going to hurt? Stay focused and keep your eyes on the prize. Once the loan goes through, your free to roam about the cabin and purchase that lazy boy you've been waiting so long to break in.

Hopefully I was able to shed some light at the end of the tunnel. If you should have any questions or concerns beyond the scope of what you just read, please reach out to Agent509. We're here to help when you need us most.

Enjoy your day!

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