4 things to avoid to help you with a successful closing in Texas!
Below you will find the four mistakes, that I consider “major” which can jepordize the closing of your home loan in Texas. The worst thing that can happen is to make it all the way to the closing table and have one of these items happen to you. Remember that a lender can review any part of your financial, credit or residency history at any point of the applicaiton process. Even once it’s been review it can be re-reviewed prior to closing. Nothing is final until you sign at the title company so don’t become a victim to one of these mistakes.
DON’T acquire any additional credit lines or make any large purchases on existing credit without first consulting us. For example: Purchasing a car or buying appliances for your new home will change your debt-to-income ratios.
DON’T change jobs without consulting us. A change in compensation may affect your ability to qualify. Borrowers must have a two-year history of bonuses and/or commissions to be counted as income. Lenders may verify employment on the day of closing as a quality control check.
DON’T co-sign with anyone to obtain a line of credit or make a purchase. The payment will show up on your credit report as an additional debt.
DON’T negotiate your contract with an allowance and expect to get money back at closing. An allowance can be used to pay closing costs and/or prepaids.
Remember that nothing is final until all parties have signed. I don’t say that to place a negative spin on anything but caution should be used until a funding number has been issued and all parties have closed on the transaction. There is nothing worse than finding out at the closing table that a new debt you incured no longer qualifies you for the loan or that your funds aren’t coming from the source that we verified.
The best thing to do is ask questions…if you are unsure if an action you need to take will cause an issue then just call and ask. Trust me, as your lender, we don’t want anything to cause you issues at the closing table.
Please call me to help make your closing a success. These days it seems it’s hard enough to obtain a mortgage loan so my team and I will do all we can to make sure these mistakes don’t happen to you.