DAILY REAL ESTATE NEWS | WEDNESDAY, NOVEMBER 25, 2015
Everyone loves a good sale, but make sure you don't go crazy with holiday shopping — because it could jeopardize your ability to close on a home purchase. After you have received a preapproval on your home loan, you must be cautious with your finances. If you go overboard with your shopping in the meantime, you could even kill the loan approval entirely.
Don’t apply for new credit or accumulate new debt.It's tempting to apply for a new store credit card offering added discounts on top of sale prices, but just filling out an application could be risky for your credit profile. Opening a line of credit requires a credit inquiry, which could not only stall your mortgage loan application but also impact your debt-to-income ratio. It could make a lender believe you're a greater risk than you originally appeared. Home buyers need to avoid any major purchases, such as furniture or a car, before the home buying process is complete, says Tammi Robson, a mortgage broker at Metro Lenders in Denver.
Don’t transfer large amounts of money.Home buyers need to keep their money in one place as they await closing. Shuffling money between accounts can send red flags to lenders and make them concerned about undocumented funds or money troubles they may not have spotted beforehand.
Watch the gift money.If families are offering cash for holiday presents, buyers need to be aware that this may put their mortgage applications at risk. Lenders will be scrutinizing their accounts and looking for unusual deposits, such as those that are 50 percent or more of their monthly income. They are also looking for any unusual withdrawals. Buyers may need to be prepared to explain any large deposits or withdrawals.
For our Purchasing Clients: we make sure you have access to EVERY home (not just those we list, or the three or four that we think you might like); and we will never pressure you.
For our Selling Clients: we market the heck out of your home; we give you updates on what we've done to sell your property every week along with feedback and activity on the home; we can also lease your property should it fail to sell--seamlessly. Finally, if you're ever unhappy with us, or your circumstances change, you can cancel our agreement.
Lastly, if you're interested in our Property Management services, visit www.KilleenPropertyManagement.com.
As you're sprucing up your home this season, keep an eye out for these
"Dave Ramsey’s ELP- but the first impression I got on our first conversation was what made me select TREMP. Our agent was very informative, reliable, honest, and patient. Love the no pressure sales and the willingness to help. We had a great experience; Chip is the Best Realtor I have ever worked with. (Even though he’s an Aggie) We felt like we had the entire TREMP Team behind us to help get what we wanted.