Nothing botches a home sale faster than unclear financials. Whether you are fighting with multiple other offers, or have already agreed and signed a deal, keeping your financials clean is a vital part of the home buying process. It’s imperative that you don’t make any changes from the time you get pre-approved to the time you get that key handed to you. While you’d think that getting a raise or an influx or cash would only help, it can give lenders pause when your financial situation changes mid-sale. It’s so important to keep your financing clean when buying a home.
Banks are skittish. You would think that they would be excited to hand you hundreds of thousands of dollars in a loan, they really aren’t. They want guarantees of financial stability and ability to pay off the loan. You will be vetted in ways you had never imagined before you buy a home. If you change jobs or financial situation, your pre-approval may be null and void, and you have to be re-worked.
It’s why we insist on having all of your paperwork to do your loan. When we find out that you own a chicken farm upstate or a yacht that you didn’t disclose, it throws off the entire process. If you get a gift from your parents to buy the house, you have to make sure that you fill out your gift paperwork. Every cent that comes to you during this process will be scrutinized.
Don’t let changing circumstances keep you from buying a home. Keep us in the loop so we can advise you on how to proceed when your finances change, whether you are getting more money or losing it. Adding money to your portfolio isn’t a bad thing, we just need to make sure that there aren’t strings attached to it. If you take out a separate loan while you are buying a home, it changes your debt-to-income ratio and can kill a sale.
If you’re ready to take rising home rates and low interest rates and use them to your advantage, call us in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515 or Nashville at (615) 810-8555. You can always apply online at www.thehomeloanexpert.com, and we’re also open on Saturdays to better serve you. We work hard to make it easy on you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?