Buying a home in Central Florida and under contract? Here are a few pointers on what not to do. Once pre-approved do not apply for new credit, why? This will bring your credit score down and may cause you to disqualify for loan. Also this raises eyebrows to lenders that you may be a risk and they will monitor you even harder. In addition if you are trying to borrow more money that can show you have not been wise using your money.
Shopping for furniture just before closing and or celebrating your pre approval could deny your pre approval, again talk to your lender. What to do is wait until you close on your home and then do what you desire. Remember your credit is ran again by the lender at least 12-24 hours prior closing. Do not move around money you will have to explain in writing why you did this. No cash deposits your income and withdrawals are monitored and may disqualify you unless you have justification in the lender eyes why you did so ( just stay away from those types of deposits. Any others other than your pay check you will have to justify in writing or legitimate pay stubs to show record. What to do is always consult your lender prior making any financial moves while pre-approved. To keep the process running smooth, always give the lender and underwriter what they ask for in a timely manner. This helps to stay on the timeline to close on your specified date. Don't take it personal on what they ask for they have to be accountable. Keep monthly payments on all bills on time to prevent drop of credit score. Do not take leave of absence or change jobs out of your career field, lenders rely on your income to be fully approved. Going outside of this will delay or deny your transaction to purchase a home. What you are waiting to receive is a commitment letter and hear the words clear to close!
Bring driver license and checkbook. This is for to prove who you are and correct spelling of names. Checkbook is if you have a shortage to close. Many title companies can take a check up to 500.00.
Any questions feel free to contact me at 407 479-8583.