Welcome to your new home!
Don’t make big purchases before beginning the home loan process. A favorable debt-to-income ratio is important to lenders and purchasing a new car, new appliances, or new furniture could increase your debt. The impact that this will have on your debt-to-income ratio could make it difficult to acquire a home loan.
Make sure to have all the paperwork and information needed for a loan application on hand. Don’t pack or ship important papers such as tax returns, W-2 forms, and divorce decrees. In the weeks it may take to obtain duplicate copies, you may find your transaction closing date may be stalled.
Refrain from running a credit score on yourself. This will appear on your credit report as an inquiry that will require written explanation.
Don’t change jobs right before beginning the loan process. With new employment, may come a probationary period before new income can be considered in a home loan application.
Seek Thrive Mortgage, LLC consultation before attempting to consolidate bills in anticipation of closing.
Hold off on consolidating your accounts. Transferring your assets from one bank account to another will complicate the closing process. These transfers will be considered new deposits and you will be required to explain and document the source of the new funds for each transfer.