5 Important Issues To Consider When Financing a Home

Changing Jobs? Changing jobs before or during the loan process within the same line of work typically does not pose a problem in qualifying. However, changes in pay structure or line of work may cause qualifying issues. Keep in mind that changing jobs during escrow may delay your transaction, as the new job will need to be verified.

Money Transfers, Large Deposits & Gifts? It is best to leave your money right where it is until your loan is closed. Moving your money to a new bank or even into a new account can cause delays with the verification process. If large deposits, transfers or gifts are necessary, please make copies of all supporting documentation.

Paying Off Bills? Your loan officer will inform you if it is necessary to pay off bills to qualify for a home loan. If reducing your debt is necessary, your loan officer will tell you which bills must be paid and the best method of payment for immediate verification from the creditor. In many cases, it is best to leave money in the bank rather than pay off bills.

Making Major Purchases? Buying a new car, furniture or making other major purchases prior to financing a home can impact your ability to qualify. It is usually best to postpone these types of purchases until after the close of escrow.

Co-signing For Others? Co-signing for someone for a credit card, car or home loan may significantly impact your ability to finance a home. In most cases, you will need to supply a minimum of 3 months of canceled checks (although sometimes 12) to prove that you do not make the payments on the co-signed account.

If you are considering any of the above-mentioned issues, please call us to discuss the potential impact on your qualifications. I look forward to assisting you with your home financing and want to ensure as smooth of a transaction as possible.

I can always be contact at jafonso@azhomerates.com or www.azhomerates.com