What to expect when buying your home

What to expect when buying your home:

Mortgage Lenders and Banks are getting very cautious about home mortgage loans these days — right up to the closing date.

Professional business women and other consumers with good credit and plenty of cash may find themselves postponing their closing or even have their mortgage loan denied if any of these last-minute loan application issues pop up.

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• AVOID any major purchases before closing your mortgage loan. Some homebuyers think that just because they have a mortgage Pre-Approval, the deal is done. Not so. Banks have been known to pull mortgages when the homebuyer buys a new car or makes another major purchase. To banks, such purchases suggest more debt for the homebuyer and more risk for the banks. Avoid any big-ticket items until after you’ve signed on the dotted line. That goes for cash deals, too. Banks also check out your cash reserves when they approve a loan.
• DO NOT make any major career changes. Notify your mortgage consultant if you are planning to change jobs. In most instances, if you are staying within the same job title you should be fine!
  At least two days before your home closing a “Verification of Employment” will be performed.
  A mortgage loan processor will call your payroll or human resource department for a verbal verification that you are still currently employed with the company you listed at time of application.
• AVOID any new credit inquiries.
  At least two days before your home closing, a “Soft Credit Pull” will be performed.
  A mortgage loan processor will perform a report to verify if any new debt was requested-inquired about.
  Even if you didn’t take that credit card out, you will still need to provide to the lender a letter explaining there was no new debt incurred.

Holly Barrero
Mortgage Consultant
Midwest Mortgage Capital
9393 W 110th Building 51, Suite 500
Overland Park, KS 66210
NMLS #13909
Direct: 913-671-9399
Fax: 314-744-7913
NMLS #: 584425
hbarrero@midwestmortgagecapital.com

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