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Things NOT to do when buying a house

August 4, 2022

Things not to do when buying a house

Generally in this blog you’ll read about what you need to do in order to get pre-approved, and what credit score/down payment/etc you need in order to make an offer. Today, however, we’ll list off some of the things you cannot or shouldn’t do, to help you prepare for your upcoming purchase. All of these come from real life experiences we have dealt with multiple times.


DO NOT buy a new car. We understand things happen and the need for a vehicle arises sometimes, but please check with your loan officer prior to applying for a car loan. You may even be able to do it, but not checking with your loan officer means you are putting the home purchase at risk!


DO NOT deposit large sums of money into your account. While it is common for many people to keep cash at home or what many call ‘mattress money”, we won’t be able to use large cash deposits as part of your qualifying funds. Lenders are required to follow the Patriot Act, which means we must “source” all deposits into your accounts. Since cash is unable to be sourced, this creates a very big problem for borrowers, especially when they were planning on relying on that cash to use for their down payment/closing costs.


DO NOT change jobs. While job changes are okay in some cases, your lender needs to know ahead of time in order to make sure that any change is feasible for the timeline of your home loan. Job changes can present many challenges, but as with many of these items your lender can often work around them.


DO NOT take days to respond to emails and phone calls/texts. When you are under contract it is up to the lender to ensure that you make the closing date on time, and no matter how diligent you are at providing documentation there is always a likelihood that more will be needed. The better the communication, the more likely an on time and successful closing!
 

These are just a few of the things not to do when applying for a mortgage, but there are many others. When you’re ready, be sure to talk to your lender in depth about your plans, and make sure that all of these items and more are discussed.

If you’d like to know more, or to get pre-approved, feel free to call or text Scott Lake at 360-649-2445 

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#KeepPlaying by Ashlee Cameron Ashlee has been part of the Fairway Fam since January 2015 & is currently a Co-Branch Manager out of Silverdale, WA. 
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The WHO , WHAT , WHEN , WHERE , WHY , and HOW of REFINANCING WHO – We’ll get back to this one, later on. WHAT – Refinancing means changing the amount, term, or rate of your current loan electively, in order to better suit your needs. The most common reasons you might refinance are in order to pull cash out of the equity of your home, to lower the interest rate and payments, or to adjust the term of your loan (for example if you had an adjustable rate and wanted to change it to a fixed rate instead) WHEN – in general you can refinance at any time, but your loan officer can help guide you with this. Please note that the VA has a strict requirement of 210 days having elapsed from the closing of your previous mortgage before you are eligible to refinance. WHERE – all mortgage lending companies can close refinances, and in most cases the process is much more simple than a purchase. There is less documentation, and since you already live in or own the home so there is no other party to deal with which makes things much easier to manage. Additionally, almost all lenders in the US can complete the entire loan electronically so with the exception of a few closing documents you never even have to set foot in an office (but you SHOULD if you have any questions or want to learn more, it’s FREE) WHY – we’ve covered a few of these above, but in more detail here are some and examples: Rate/Term refinance : A rate/term refinance is most often used to lower your interest rate, and thus lower your monthly payments. For example, if you purchased a $500k home and put 20% down, you would owe $400k. Your payment may look something like this
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