By Emerick Peace
uying a home is a great life achievement. Everyone desires a place they can call their own. So you have done everything possible to become a homeowner and so far, it’s been going on so well for you. You even have a pre-approval for the home loan. IS IT TIME TO CELEBRATE? NOT YET. Before closing, lenders typically will have to check and recheck your credit which means, you should be very careful not to give him a reason to question your creditworthiness. Therefore, today we are going to look at some of the mistakes most people make after loan approval and before closing. NEVER MAKE ANY MAJOR PURCHASES After the preapproval avoids getting too excited that you cannot wait to move into your new home. More often than not, in the midst of that excitement and anticipation, people often start imagining new furniture and or appliances that will personalize their new home. WWW.THEPOWERISNOW.COM
THAT TRIGGERS THE ‘BUYING MODE.’ So what would stop you from buying that 5-piece rattan patio set for the backyard? Making a major purchase at this point takes money or credit. Remember, your mortgage approval is usually based on certain criteria for instance debt to income ratio, cash reserves, and so many others. When you make any major purchases at the moment, you change the parameters of this equation which jeopardize your closing and funding for the new home. WAIT BEFORE CHANGING YOUR JOB Changing your employer means that the lender will have problems verifying your salary thus causing delays in this process. That doesn’t mean that you are ignoring your passion and a great career opportunity. It just means that you should wait a little longer.
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Avoid these mistakes between loan approval and closing
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