7 things you should not do

22
7 Things You Should NOT Do When Applying For A Home Loan From Don Loyd, Principal Broker Knipe Realty NW

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Tips for the prospective new home owner. If you are going to apply for new home loan, you will want to see this brief presentation that will outline seven things you should avoid.

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Page 1: 7 Things You Should Not Do

7 Things You Should NOT Do When Applying For A Home Loan

From Don Loyd, Principal Broker

Knipe Realty NW

Page 2: 7 Things You Should Not Do

Here is a list of things to

steer clear of when you are

seeking to obtain financing

for a home.

Page 3: 7 Things You Should Not Do

1. Don't buy or lease an auto! Lenders look carefully at your debt-to-income ratio.

Page 4: 7 Things You Should Not Do

A large payment such as a car

lease or purchase can greatly

impact those ratios and

prevent you from qualifying

for a home loan.

Page 5: 7 Things You Should Not Do

2. Don't move assets from one bank account to another!

Page 6: 7 Things You Should Not Do

These transfers show up as new

deposits and complicate the

application process…

Page 7: 7 Things You Should Not Do

…as you must then disclose and

document the source of funds for

each new account.

Page 8: 7 Things You Should Not Do

The lender can verify each

account as it currently exists.

You can consolidate your

accounts later if you need to.

Page 9: 7 Things You Should Not Do

3. Don't change jobs!

Page 10: 7 Things You Should Not Do

A new job may involve a

probation period, which must be

Satisfied before income from the

new job can be considered for

Qualifying purposes.

Page 11: 7 Things You Should Not Do

4. Don't buy new furniture or major appliances for your new home!

Page 12: 7 Things You Should Not Do

If the new purchases increase the

amount of debt you are

responsible for on a monthly

basis…

Page 13: 7 Things You Should Not Do

…there is the possibility this

may disqualify you from getting

the loan, or cut down on the

available funds you need

to meet closing costs.

Page 14: 7 Things You Should Not Do

5. Don't run a credit report

on yourself! This will show

as an inquiry and they must

be explained in writing.

Page 15: 7 Things You Should Not Do

6. Don't attempt to consolidate

bills before speaking with your

lender! The lender can advise

you if this needs to be done.

Page 16: 7 Things You Should Not Do

7. If you are moving, don't pack or ship information needed for the loan application!

Page 17: 7 Things You Should Not Do

Important paperwork such as

W-2 forms, divorce decrees,

and tax returns should not be

sent with your household

goods.

Page 18: 7 Things You Should Not Do

Duplicate copies take weeks

to obtain, and could stall the

closing date on your

transaction.

Page 19: 7 Things You Should Not Do

Hope you haveenjoyed this special

Report!

Page 20: 7 Things You Should Not Do

If you need a good referral for a great lender, just

let me know.

Page 21: 7 Things You Should Not Do

Want to Search Portland Area Homes

for Sale?

Go To

www.DonLoyd.com

Page 22: 7 Things You Should Not Do

Please contact me for more information about real

estate. I want to earn your business and be your

broker.

Don Loyd, Principal BrokerCall Direct - 503-395-8586

Email – [email protected]