The Impact of Large Purchases
Lenders looks carefully at the debt-to-income ratio and a large payment such as a car lease or purchase can greatly impact those ratios and possibly prevent you from qualifying for a home loan. Additionally, the new purchase(s) of furniture or major appliances will increase your debt load, and could disqualify you from the loan or deplete your funds to close.
The Impact of Moving Assets from One Bank Account to Another
These transfers show up as new accounts and can complicate the application process, as you must then disclose and document the source of funds for each new account.
Make Sure to Let Us Know if You Change Jobs
Your employment terms are an important aspect of qualifying for a home loan, if you change employers we will need to update your file to reflect the changes. Additionally, a new job may involve a probation period which may need to be satisfied before income from the new job can be considered for qualifying purposes.
Consult With Your Insurance Agent Soon
Feel free to shop for the best home insurance rate you can get. Just make sure you do it early during the process so your records can be updated in time for a smooth closing.
Keep Financial Info Easy to Access
Important paperwork such as W-2 forms, divorce decrees, Form DD-214, Certificate of Eligibility, tax returns, etc., should not be shipped with your household goods to your new residence. Duplicate copies sometimes take weeks to obtain which could delay the closing of your loan.