Qualifying for a home mortgage is tough business. First you have to prove you have a good, secure job or retirement funds that provide ample income to cover a monthly payment. Then comes documentation and more documentation showing tax returns, identification and banking information.
After all this hard work, waiting sometimes over a month and getting approved for a mortgage, don’t get too confident and go spending money around town on large purchases or moving money around between accounts. Until the day your loan closes the lenders have the ability to review all of your information again. Big purchases such as a new car or that slick 90″ TV could show up on your credit report and bank statement. This additional debt may push you beyond the threshhold of risk the lender is willing to take. Especially if you were barely approved. Another thing not to do is lose your job, look for a new job or flat out quit your job. Your employment was most likely a big factor in the approval process. Be nice to your boss!
As we all know, things happen. Hospitalization, lay-offs and divorce can happen. Just keep the above in mind and try and tightly manage what you have control of.
Do you have questions or concerns about the approval process? Give us a call at FundingUSA.com and we can answer your questions. If we don’t know the answer, we will find out for you!