You can unknowingly sabotage your home financing goals by making some obvious and not-so-obvious moves with your finances. Check out the list below to see if you know the top 10 things NOT to do when you are in the process of buying a home or refinancing.
- Transfer money between accounts, unless receiving complete documentation from your bank, itemizing all transfers.
- Make unnecessary checking or savings account transactions, such as withdrawals or deposits
- Leave an existing job - changing jobs may mean you don't have an appropriate work history, especially if you change fields of employment as well.
- Allow your bank accounts to go into a negative balance, even if you have overdraft protection
- Apply for credit in any form, including credit for major purchases (such as a car or furniture), or apply for credit to consolidate or change existing credit
- Co-sign on any debt with a family member or anyone else. Even if you are not making the payments, it will affect your debt to income ratio.
- Ask a tenant to move out, or give your landlord notice that you are moving out
- Delay paying all debts on time
- Pay a bill in collections. If about to pay a bill in collections from a collection agency, try to pay it at closing
- Have a friend or family member pay for anything related to the purchase of the home (appraisal, earnest money, down payment, etc.), since gifts are only allowed under certain guidelines.
- Don't lie on your loan application. Even though that sounds obvious, if you neglect to mention a debt or liability or over report your income, it's considered fraud.
For information on hard money loans in Las Vegas, call us at 702-985-7654.
Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052
With over 30 years of experience helping families call Las Vegas "home!"
Related Blog Posts
Bank of America announced earlier this year that it plans to lay off more than 40,000 employees, many of them loan officers and processors. They also intend to close to close 10% of their branches nationwide and gradually get out of the mortgage industry. The layoffs have already begun in Las Vegas, and you know it’s...
Programs that help first-time buyers put down less than 10 percent of the purchase price have been around for many years. FHA, VA, and state and local housing programs are three of the best-known sources of loans ranging from 3.5 to 5 percent down. In recent years, some commercial lenders have offered mortgages as l...
Among the many highly experienced agents on the Tonnesen Team, Christine Durno is one of our best ! Warm regards,Christine DurnoREALTOR® Find out why people who know me continue to refer their friends and family to me.Berkshire Hathaway HomeServices Nevada Properties3185 St Rose Pkwy #100 H...
The responsibility of owning a home can be intimidating for people who’ve only rented in the past, but new data from Zillow suggests renting can actually cost more. Zillow’s analysis found out that sans increasing monthly housing costs, a typical renter can buy a home almost 50% more expensive than the med...
Who says you can’t buy brand new homes in Las Vegas under $70 per foot?! We get inquiries all the time from investors who are looking to purchase “fixer uppers” in this price per foot range. True, you can get more slightly square footage for a slightly lower price on resale homes that need some cosmetic help, but...