3 Things That Sabatoge Your Home Purchase

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Tampa Bay's #1 Realtor, Andrew Duncan, talks to David Diaz of Waterstone Mortgage about 3 things that can sabotage your home purchase and could affect the mortgage process.

Changing jobs

Let your lender know because everything needs to be properly documented. The lender needs to know that your new income will still be sufficient for you to purchase your home. What a lot of people don't realize is that when they get approved in the beginning of the process,  all of those will be re-checked and verified at the very end.

Acquiring new debt

Buying new furniture, a new car or even appliances on credit while you are buying a new house could be a big mistake. If you can hold off from buying the furniture, etc, until after the closing, please do. This could be an issue when the lenders re-check your credit. It could also affect your debt to income ratio and other things.

Moving money around or making big purchases

The lender is qualifying you based on your whole picture. There are so many different buckets you need to get approved for like your debt to income ratio, what you have in the bank. If you need to make a purchase or sometimes there are some payments like medical things happen, just do yourself a favor and let your lender know so they can come up for a proper solution for you.

To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

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