3 Things to Avoid |
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| Many times potential home buyers will set out to help themselves qualify for a loan, when they may be hurting their chances. These three things may affect your ability to qualify for a loan. If you must do on of them make sure you get advice from you loan officer, to minimize any problems that may occur. | |||
| Don't Pay Off your Bills | It may seem odd to get that advice from a lender. Here is the logic, there are instances where a lender would rather make a loan to you if you have more money to put down, or better yet you will have money in reserve after closing for those unexpected expenses that always seem pop up. Having said this, it still may be best for you to pay off the bills, remember to call the loan officer first. | ||
| Don't Take a new Job | One of the key factors of loan approval is job stability. Changing jobs just before, or during the loan process could damage your buying power. Be certain to seek the advice of your loan officer on this one. | ||
| Don't Open Credit Accounts | Here is the bottom line...Buying a new car, or any other major purchase will almost certainly affect your ability to buy a home. These purchases are usually on credit and the payments are likely to reduce the amount of loan you qualify for. Make sure you get the house before you buy the furniture to go in it. | ||
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Other Books In the Library Main Library Page <> Down Payment Stratagies <> Chart of Interest Rates <> Questions To Ask A Lender <> What Are Lenders Looking For? <> Why Buy A Home <> VA Loans <> FHA Loans <> Settlement Cost Handbook <> 3 Things To Avoid <> How To Get Out Of Debt <> Understanding How To Use Credit <> Credit Repair <> Appraisals <> Title Insurance <> Credit Scores <> Automated Underwriting <> |
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