After lots of looking and potentially many offers your Phoenix real estate offers gets accepted and the buying process has begun: the required groundwork period has started and your financing is secure. All you have to do now is go thru the process over the following 4-5 week and you may have a new home. What can go wrong? A lot of things. Be prepared for them, but knowing what not to do at least with regards to the loan.
Overall the process of transacting Phoenix real estate is rather simple, but infrequently buyer do daft things that put their loan in trouble. These are mostly unintended actions, but they can derail the whole process and even hold purchasers back from being able to purchase for a longer period of time. Here are at least one or two pointers to on things to avoid before the Phoenix homes exchange is complete.
- Don't change or quite your job. Lenders wish to see equilibrium in the borrower and changing roles, sometimes even in the same workplace, can result in a denial of the the loan. Don't quite your job either as this is a clear indicator of extra risk for the lender and you'll likely not get the loan and lose the house. You want to portray somebody that's steady, stable and reliable: do not give the processor a reason to reject the loan.
- Don't buy big ticket items. To explain don't load up your ATM card or exhaust your account to get something like a car, or appliances or even furniture your your approaching home, unless you first talk to your lender. Remember the credit report is repetitively being reviewed, not just when you start to have a look for Phoenix real estate, but several times thorough the loan process. Large changes can change your proportions and capability to be qualified for a loan.
- Don't apply or open a new credit cards. Once you are approved for a loan any change to the credit history can change things. This is regardless of whether you simply sign up for a new card. If you need one or are considering a new card then wait until you close on your new Phoenix home. By waiting you avoid making the bank nervous about giving you money because you are taking on even more debt then just the home you are about to buy.
- Don't move around money. As stupid as this could seem, moving cash even between your own accounts raise red flags and brings up concerns for the lender. Stability is the key word and you don't show it by moving money around. It also awakens suspicion from where your down payment comes from. That implies no bid surprising deposits or withdrawals are suggested.
Always ask your bank and talk with your Phoenix real estate Realtor prior to making any of the moves mentioned above and you'll be more certain of getting the loan you've been accepted for completed.
About the Author:
inPhoenix Realty Group is a collection of experienced Phoenix Realtors working in Phoenix, Arizona helping buyers, sellers and speculators in the Phoenix real estate transaction by first providing intensive info regarding Phoenix home inventory.
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