- 2019 Posts
- Don’t Let Intimidation Get in the Way of Home Ownership
- Setting Financial Goals for the New Year
- Buying a home after bankruptcy
+ 2018 Posts
- Why you should own a home rather than rent
- FHFA Conforming Loan Limits 2019
- How 2018 Market Trends Will Affect Wisconsin Buyers
- No Money Down Home Loans Appleton Oshkosh Green Bay Wisconsin
- Benefits of using FHA for your home loan
- Benefits of being a homeowner
- Wisconsin local lender vs online lender
- Home Loan Pre-Approval
- No Money Down Home Loan
- Serve and Support Loans
- Debt Consolidation and Cash Out
+ 2017 Posts
- Fast and Easy Refinance
- Now is the Time to Purchase a New Home
- Low Money Down Loans
- Who Can Get a VA Loan?
- Renting or Buying
- Loan Discounts for Nurses
- USDA Home Loans
- Loan Discounts for Teachers
- FHA 203K Home Improvement Loan
- Discount for Firefighters
- Getting an FHA Loan
- Discount for Police Officers
- Rates on the Rise
- Pre-Approval and Pre-Qualification Differences
- USDA No Money Down Home Loan
- Low Credit Home Buying
- Financing your New Home
- Bankruptcy and Home Ownership
- FHA 203K Loan
- Raising Rates Impact Buyers
- Finding the Right Home
- Buying VS Renting
- Home for Neighborhood Heroes
- GSF 100% Financing
- Free Appraisal with Finance First
- Home Inspections
- Low Money-Down Loan
- VA Loans 2017
- What is Mortgage Insurance
- Tax Refund Options
- FHA Loans
- Using a Realtor
- New Year Debt
+ 2016 Posts
- New Year, New Home!
- Mortgage Pre-Approval Advantages
- Bankruptcy and Home Buying
- Credit Scores
- Home Selling Secrets
- Rates to Rise
- Ready, Set, Winter!
- VA Loans
- Holiday Dream Home
- Stop Paying Rent Today!
- No Money Down Home Loans
- Getting Pre-Approved for Your Loan
- New Home for the Holidays
- Fall Home Deals
- No Down Payment Loans
- Streamline FHA and IRRRL VA loans
- Home Buying Tip #4
- Home Buying Tip #3
- Home Buying Tip #2
- Home Buying Tips and Tricks
- HomeReady - A Home Today!
- Serious About Buying a Home?
- Can you Afford to Wait to Purchase a Home?
- If You are Renting You are Still Paying a Mortgage
- Top Reasons We Buy a Home
- A Friendly Reminder: You Do Not Need 20% Down
- Selling Your Home and Holding Out for More Money
- Why Smart Singles are Buying Homes Now
- Avoid Having Your Offer to Purchase Rejected
- Building Your Net Worth with Home Ownership
- Why You Need a Home Inspection
- Why This is the Time to Sell Your Home
- Listing Your Home with a Realtor VS For Sale by Owner
- Buyers: Using a Real Estate Agent VS For Sale by Owner
- Millennial Home Buyers
- Home Buying during a Sellers Market
- Buying Versus Renting
- Private Mortgage Insurance Good or Bad
- You Do Not Need Great Credit to Buy a Home
- Putting Your Tax Return Toward Your Future
- FHA 203K loan – purchases and refinances that include rehab money
- Have Limited Down Payment Funds - FHA may be the loan for you!
- No Money Down Loans - USDA Rural Development Loans
- Should You Buy a Home Now or Wait Until Spring
- Use your tax returns toward your home purchase and invest in your future
+ 2015 Posts
- Renting VS. Buying – The benefits of being a home owner
- Pre-Approval for New Home Purchase
- What is Mortgage Insurance - PMI
- What to know about Escrow for Taxes and Insurance with your Home Loan
- Credit Score Tips
- Refinancing and Reducing Monthly Payments
- Fall Home Buying Season
- How do I get a VA Loan
- Fall is Upon Us
Home Buying Tip #3August 01, 2016
There are some critical mistakes some home buyers make that you will want to avoid at all costs. This week we are going to talk about what those are, and how to avoid these common missteps.
You have the house picked out, your offer accepted, the bank has approved your loan and a closing date is set. You think your loan commitment means your deal is done and you just have to wait for your closing. Not so fast! Your loan faces final underwriting review right before closing. Here are some things that are happening behind the scenes that you might not know about.
Your employer is also contacted to verify employment the week of closing, so now is not the time to switch jobs. This can really throw a wrench in the deal - for starters, a new pay stubs will be needed from the new job- often causing a delay until payday, and the loan will need to be re-underwritten. You were approved with the job you have, and a new one can only make things more difficult. Hold off on switching jobs till you sign your loan papers and the your new house keys are in your hand.
Thinking ahead about the new carpet or kitchen counter you are going to need and you want to finance it? Need a new car? Hold off on applying for any new credit or financing till after the loan is closed. A credit re-fresh is ordered right before your loan closing, and any new credit will need to be addressed and recalculated into your debt to income ratio. Also, a new credit inquiry can lower your credit score. Any of these factors can guarantee your loan will be re scrutinized and often delaying your closing until it can be reviewed.
Make all your payments on time. A recent late on a credit card or car loan can change your credit score right before closing. When your credit re-fresh is done a day or two before closing - this can drop your credit score enough to possibly change the mortgage rate you qualified for when you originally applied. This can delay or even put your financing in jeopardy, depending on the degree of impact it had on your score.
If you are considering any moves, financially, job wise, or money wise, consult your loan expert before doing so. Something you consider small and insignificant could have wide reaching effects on your loan approval. Your loan professional is here to make this process as smooth as possible, and can provide you with valuable advice on any decisions you may be considering.