When you are thinking about buying a house, there are a lot of things to consider. What size do you want, what neighborhood, school district, commute. These are common questions that people ask themselves. Rarely do they ask will I get the mortgage. It is best to consider your financial position before starting the search.
Are you in the middle of a divorce? This is not an automatic no for mortgage companies, but they will want to make sure that you can financially handle the cost without the assistance of your soon to be ex.
Did you just change jobs? Again not an automatic no, but mortgage companies like to see stable employment history when agreeing to lend out money. Obviously this is not always possible when someone is relocating for a new job, but it helps to have a solid history in the field prior to the move.
A common question on mortgage applications are you involved in a lawsuit. The chance that you might have a large settlement to pay that will make it difficult to cover the cost of your mortgage will make mortgage companies nervous about lending to you.
This one applies to refinancing. It not a good idea try and refinance your mortgage in the middle of a major remodel. Mortgage shy away from agreeing to a refinance when work is incomplete. If you feel you may need additional funds for the project it is better to refinance before starting the project.
Finally, this is one that happens all the time. Do not I repeat do not make a large purchase requiring a loan either right before or in the middle of the loan process. I have seen home purchases fall apart, because someone bought a new car or boat halfway through the process. Any new debt is going to throw off your debt load calculations with the loan officer.
If you keep these things in mind, you will have fewer problems getting your loan application accepted and your new home purchased.
Happy Hunting!
About the Author
Debbie Caldwell
When you first meet Debbie Harris-Caldwell, you are immediately drawn to her charming Welsh accent and the twinkle in her eye. The well-traveled transplant from Wales is quick to set you at ease and time spent with her promises to be time well spent.
Debbie has been a real estate agent for 40 years and takes great pride in her customer service skills. "I make myself available to my customers when they need me, whether it's on a Sunday Evening or after their long day at work. I make my schedule fit theirs. I also keep my customers updated on everything happening with their listings or purchase, I am their conduit for information." She has built a business following her key principles of clear communication, attention to detail, client advocacy, and comprehensive knowledge of the area. Debbie comes to every new transaction with positive energy, determination, a strong understanding of the currents driving the market, and the expertise that comes from a lifetime of experience. She knows the importance of marketing and whether a home is for sale for $200,000 or for $2 million, she always has professional photography done and creates a listing presentation that best shows off her customer's home.