With spring around the corner and America on the move, real estate purchases gain momentum this time of year. Whether you are downsizing or looking into that vacation home you’ve always dreamed of, there are some tips to remember when you apply for a new mortgage.
While you await approval, you can choose the wall colors for your new bedroom, evaluate marble or wood countertops, or peruse magazines for new furniture purchases. At the same time, there are things you shouldn’t do.
Any changes in income, assets, or credit could slow down or even stop the process from your lender. For example, avoid any new large purchases, like a convertible sports car to go with your new abode in the sun. Additional debt may create new qualifications for your loan. Also, put off co-signing any loans for friends or family since the obligation for paying it will count against you, whether or not you are making the payments.
The bottom line is you want your financial obligations to remain static while the lenders are evaluating your approval.
Read HERE for six specific items to be cognizant of during the loan application process. You want to move in as effortlessly and as quickly as possible, and following these tips will help you do that.