Things NOT to do Before Buying Real Estate

These are "MUST DO NOT" things before buying (or even looking) for a home.

 

No Major Purchase of Any Kind:

 

When you get a raise or accumulate some savings, you may find yourself confronted by an innate instinct of modern civilized men and women.  It begins simply, by going out to restaurants, then accelerates to buying clothing, electronic gadgets, and since most Americans have a special fondness for the automobile, you may even buy a "brand new car."

 

If you're married or ambitious, a few months later your thoughts eventually turn toward buying your own home, or a move-up home, if you are already a homeowner.  Next, you contact a loan officer to get prequalified for a mortgage loan. You state your desired price and how much you can put down. You provide your income and may even supply pay stubs and W2 forms. The loan officer methodically crunches the numbers (by telephone, in person, or even over the internet).  "If only you didn't have this car payment…"

 

Don’t Move Money Around:

 

When a lender reviews your loan package for approval, one of the things they are concerned about is the source of funds for your down payment and closing costs.  Most likely, you will be asked to provide statements for the last two or three months on any of your liquid assets.  This includes checking accounts, savings accounts, money market funds, certificates of deposit, stock statements, mutual funds, and even your company 401K and retirement accounts.

 

If you have been moving money between accounts during that time, there may be large deposits and withdrawals in some of them.  The mortgage underwriter (the person who actually approves your loan) will probably require a complete paper trail of all the withdrawals and deposits.  You may be required to produce cancelled checks, deposit receipts, and other seemingly inconsequential data, which could get quite tedious.

 

Perhaps you become exasperated at your lender, but they are only doing their job correctly.  To ensure quality control and eliminate potential fraud, it is a requirement on most loans to completely document the source of all funds.  Moving your money around, even if you are consolidating your funds to make it "easier," could make it more difficult for the lender to properly document.

 

So leave your money where it is until you talk to a loan officer.  Oh…don’t change banks, either.

 

Should You Change Jobs?:

 

For most people, changing employers will not really affect your ability to qualify for a mortgage loan, especially if you are going to be earning more money.  For some homebuyers, however, the effects of changing jobs can be disastrous to your loan application.

 
Think ahead.  If you're even beginning to think about a new (or move up) home this year, talk to a real estate broker first.  They can properly advise you as to how ANY purchase now, could affect your ability to get that new home you want, later.loan additional studentambassador loanonline access loan chase bank accountloan on 78 rule addpaying on student advice loans1000 loan payday advancerule for a loan 78thaces loans student Mapdownload movie pornstars porn movielesbian movies prettymovie quicktime for pc playervampire rare moviessex real moviesmovie jeremy clips ronmovies underwear sapphic Map