When you are under contract to purchase a home in Colorado, there are things you should not to as they could affect your loan approval and scheduled closing date. Our team will coach you to stay on track. These are actions that can negetivly affect the process:
* Changing jobs during the contract period. Any job change could cause your lender to deny your loan, especially if the change creats a negative impact on your income. This applies even if you have received loan approval and closing is scheduled. Your lender has the right to call your employer the day of closing to verify your employment and income.
* Changing banks. Just like yur employment, you want your banking information to show stability.
* Making substantial purchases that increase your debt either by credit card or new financing. Be cautious about removing funds from an account that has been previously verified by your lender. Lenders will re-verify credit and deposited funds.
* Making large deposits into your bank account. Lenders want the funds you are using for your down payment to be seasoned, which means verifiable and in your account for a minimum of two months.
* Co-signing for a loan for someone else. It doesn't matter if someone else is making the payments - it will still affect your debt-to-income ratio (DTI).
* Paying off debts or incuring charge-offs without conculting your lender.
The team at Smart Start Homeowners are experts with first time home buyers. We are with you every step of the way.
07
Feb
