Some Things To Be Aware Of When Starting To Buy A Phoenix Home And Getting A Loan

November 08, 2009

How to avoid setting up your own hurdles to getting a home loan.

A short overview is below, but we'd prefer you to watch the video.

Joanna and Maggie put together a short video about some things to be aware of during the home purchase process as it relates to getting a loan. We asked Maggie to give us some pointers because she has done very well for our clients: great service: she just gets it done and that’s what I like.

Though, no matter how good a loan office is the buyer has to participate, listen and follow the lead of the Realtor and Mortgage Planner.
Here are several keys of advice to follow.

They are very important in the real world, so please be very aware of them.

1. When buying a home start by getting pre-approved vs. simply pre-qualified. Do this even before you start looking for a home. In many cases the financing is just as important if not more important then the home itself.

2. Before you pay off credit bills other then normal or especially before you close any accounts consult with your loan officer as taking these steps changes your finances and can actually lower your credit. Anything like this need to be run by the loan officer.

3. Try not to change your job, or if you do stay in the same line of work. Lenders look for steady employment in the same field.

4. Many excited buyers purchase new stuff for their home before the close of escrow. Often this is done with a credit card. Doing this can change your ratios and credit rating putting your loan and purchase in jeopardy. The best way to avoid these common problems is to wait until the home closes.

5. Even moving money around, making unusual deposits or withdrawals can lead to some queries from the lender and if they cannot be explained well or documented with satisfaction these simple activities can quickly lead to a letter of denial. Even if it’s a large deposit the risk is there.

The key is not to change anything in your finances from the time you are pre-approved until the home closes and you are the new owner. If changes are necessary please consult with your loan officer first and she will advise you on the best course of action.

To get pre-approved contact.