7 Things You Should NOT do when Applying for a Home Loan

1) Don’t buy or lease an auto – Lenders look carefully at your debt-to-income ratio. A large payment such as a car lease or purchase can greatly impact those ratios and prevent you from qualifying for a home loan.

2) Don’t move assets from one bank account to another –  These transfers show up as new deposits and complicate the application process as you must then disclose and document the source of funds for each new account. The lender can verify each account as it currently exists. You can consolidate your accounts later if necessary.

3) Don’t change jobs – A new job may involve a probation period, which must be satisfied before income from the new job can be considered for qualifying purposes.

4) Don’t buy new furniture or major appliances with a credit card – If the new purchases increase the amount of debt you are responsible for on a monthly basis, there is a possibility this may disqualify you from getting the loan or even cut down the amount of available funds for closing costs.

5) Be aware of who runs your credit report – This will show as an inquiry on your lender’s credit report. Inquiries must be explained in writing.

6) Don’t attempt to consolidate bills before speaking with your lender – The loan officer can advise you if this needs to be done.

7) Don’t pack of ship information needed for the loan application – Important paperwork such as W-2 forms, divorce decrees and tax returns should not be sent with your household goods. Duplicate copies take weeks to obtain, and could stall the closing date on your transaction.

If you need help finding a reliable & reputable lender, give me a call! I have some fantastic lenders I can refer you to to qualify you for buying a new home.

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Get Your Home in Shape for the New Year!

Ring in the new year right by getting your home in shape. Your home is your most valued possession so why not spruce it up for the year ahead!

Paint touch-up. Scuffs, dirt and even crayons can plague beautiful walls of a home. Simply mark those areas with blue painter’s tape and then walk around your home with a touch-up paintbrush.

Carpet cleaning. Carpets should be professionally cleaned at least twice per year. Now that you’ve enjoyed those festive holiday celebrations, have those muddy footprints, or worse yet, cranberry sauce stains, professionally treated.

Window washing. While the rainy season is still upon us, spring will be here soon. There is nothing worse on a beautiful home than dirty windows. So take the time to either hire a window washing service or if you’re a do it yourselfer, establish a weekend where you can dedicate yourself to the task at hand.

Fertilize your yard. Spring will be here before we know it. Many of our perennials require winter fertilizer to ensure they enjoy a robust bloom.

Donate old clothing. I once read that truly organized people throw away (or donate) one item for every one item that they bring into their home. Now is the perfect time to go through your closets and donate clothes and shoes that may no longer fit or are outdated. You can call the
Salvation Army at 1.800.95TRUCK to have them picked up at your doorstep.

Pantry and refrigerator cleaning. Do your salad dressings’ expiration dates say 2007? That’s a sign that it’s time to clean out your refrigerator and pantry. Be sure to check expiration dates on everything. You’ll be surprised to know that even pancake mix has a relatively short shelf life.

I work with an impressive list of professional home contractors, landscapers, painters and more. If you’d like a recommendation for any of the above services, please don’t hesitate to call me.