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Offered by: Scott & Lora Nordby – Berkshire Hathaway HomeServices

Buying a home can be stressful, even when everything goes smoothly. While looking and finding a home can be very exciting, the stress of There are some things you can do (and things you can avoid) to ensure a streamlined loan review and an on time closing.

DO NOT make any major purchases. Financing a car, appliances, or furniture will alter your debt-to-income (DTI) ratio and may affect the appearance of your ability to repay your loan.

DO NOT open new credit lines. This may also negatively affect your DTI ratio and may harm your ability to qualify for a loan.

DO NOT move money around. This may appear as an attempt to hide debt or large balances.

DO NOT use untraceable money. Using large amounts of cash or other untraceable money may hinder underwriters from understanding your spending habits and cash flow.

DO NOT make a career change. Income stability is important. If something changes, it’s important that you immediately disclose the change.

DO complete your application thoroughly. The process will be faster if we don’t have to contact you for missing information.

DO respond to all questions and requests quickly. Additional information may be needed to help the underwriter make a decision. Fast responses will help your loan close on time.

DO disclose all loans and credit. Be transparent so your application won’t get delayed.

DO be available as your closing date approaches. Allow time to review and sign documents and to pay your closing costs, as well as your down payment.

Despite the stress, moving into a new home is a worthwhile accomplishment. If you haven’t bought a home before, or if it’s been a while, consider attending one of our First Time Homebuyer Seminars, on Saturday April 20th and Saturday May 18th from 10:00am-11:30am. RSVP by registering online. We look forward to seeing you there!

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