So you’ve found the right house. You have an accepted offer. Your bank is happy, your financing has been approved. Now what. Now we wait for the possession date. Most people can not wait to get their new home. I can not blame you. Buying a home is one of the most exciting moments of your life. But always remember that your bank has not given up the money yet. The following eight suggestions are here for you so you do not change your existing credit rating. If you go into more debt before you receive the house your debt ratio will change and it could affect your banks decision on releasing the funds.
-Don’t buy a new car.
-Don’t change jobs. Even if it’s a better-paying job, you still are likely to be on a probationary period.
-Don’t change industries, decide to become self-employed or accept a contract position even if it’s within the same industry.
-Don’t transfer large sums of money between bank accounts. Lenders get especially skittish about this one because it looks like you’re borrowing money.
-Pay all your bills on time
-Do not apply for new credit cards.
-Do not accept a cash gift without properly documenting it, large cash transfers look suspicious.
-Don’t buy furniture on a do not pay for 3 year plan. It still counts against your credit.
If in doubt, give me or your mortgage broker a call
Century 21 Advantage
Red Deer Alberta