(586) 873-2242
brian@lakesidepropertyshop.com
BUYING A HOME MEANS
MAJOR FINANCIAL CHANGES!
Bank lenders want to know that their prospective clients are financially responsible and financially stable. However, some things in life are unavoidable and change in the blink of an eye! To keep you on track with the application process, here are some things within your control that you should avoid when applying for a mortgage.
1. Don’t change jobs! – Some things in life, life layoffs, are unavoidable, but if you can help it, do not change jobs in the middle of the mortgage process. Also, do not switch from a salaried job to a contract job. This may make you ineligible for a loan and require a co-signer.
2. Don’t take out other loans! – Auto, personal, and student loans increase your total debt load. As a result, they can also affect your chances of being approved for a mortgage.
3. Don’t make any large purchases! – You may have enough money in the bank to buy your dream boat, but it doesn’t mean you should! You want your lender to know that you are financially responsible. Wait until after you buy your home to make a large purchase.
4. Be cautious when accepting large gifts of money – Your grandma or favorite uncle may want to give you a gift of money to help you with the down payment. You will need to provide a signed letter from your grandma or favorite uncle to the lender that includes the following information: their relationship to you, their address, amount of gift, and a letter from them stating that the money is a gift and not a loan!
5. Do not open new credit cards or close credit cards! – The best thing you can do during the mortgage process is continue paying off you cards monthly like you always have. Do not open a new credit card. It may raise suspicion and affect your credit score.
If you have any questions or if I can be of any help with your real estate purchase or sale, please do not hesitate to call me.
Best of luck,
Brian LaDue
“Lakeside Property Shop”
(586) 873-2242 Macomb County
(248) 787-8644 Oakland County
brian@lakesidepropertyshop.com
OFFICE LOCATION:
48731 Hayes Road
Shelby Twp. MI 48315