If you would like to buy a Lake Nacimiento home this fall, our Oak Shores Realty team is here to help! We can answer any questions you may have, and then help guide you through the home-buying process. If you plan to finance a home, we can make recommendations for mortgage lenders.
When applying for a mortgage loan, there are certain things you shouldn’t do with your money and credit once you are in touch with a mortgage lender. So before you contact one, be sure to have your finances in order, a down payment amount determined, paperwork organized, and questions ready to ask.
It is smart to get preapproved for a mortgage loan before you even begin your home search, because a preapproval will help sellers know that you are serious about buying, and a preapproval will let you know what price range you should be house hunting in.
Once you have decided to buy a home, and especially once you have contacted a mortgage lender, here are some things you should avoid doing:
1. Do not change jobs, and do not change the way you are paid at your job, such as going from a full-time worker to an independent contractor.
2. Don’t deposit cash into your bank accounts with no trace as to where it came from. Mortgage lenders want to be able to see where your money is coming from.
3. Don’t make any large purchases or investments. Don’t purchase a new car, don’t buy new furniture for your new home, don’t renovate your current home, don’t buy vacation packages, etc.
4. Do not co-sign any loans for anyone else. You are held liable if anything happens, and your lender still has to count those payments in your finances, even if you won’t be making them.
5. Don’t apply for new credit. Whether it’s a new credit card or a new car, you don’t want your credit report run by anyone, as this could affect your credit score.
6. Don’t close any credit accounts. Sometimes buyers think that by closing credit cards, it will improve their credit score, but this isn’t the case. The length and depth of your credit history is a major aspect of your score, so having this available credit is actually helpful, even if you don’t use it.
Any one of these things could disrupt the mortgage loan process, and either disqualify you for a loan, or make the process take longer. If you can’t help but have one of these occur, such as a job change, make sure to let your mortgage lender know as soon as possible.
What should you do during the mortgage loan process? Lay low, don’t make any significant purchases, but continue to use your credit cards and pay them off as you would normally.
When ready to buy in the Lake Nacimiento real estate market, I am here to help! Contact me, your Lake Nacimiento real estate agent! Let’s find you the lake home of your dreams this fall.
Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty
Oak Shores Real Estate
View Oak Shores Listings
Visit My Website
Email Me
Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
