Change is Good

Change is good... except when financing a house

Buying a home is an exciting time! You may have received a promotion, just graduated from school, just gotten engaged, married, divorced, increased or decreased your household size or decided to move across the country.

No matter your reasons, the excitement and anxiety, anticipation and plans are all building in your mind.

There are some costly ideas that could turn your reality only into a dream. What do I mean? There are a lot of things to consider when purchasing a new home. Will you remain in your current job or explore a new one, quit your job and return to school, purchase new items like a grill, furniture or appliances? All of these seem reasonable but they may cost you the very thing that you want the most and that is a new home.

Lenders will advise you not to make any significant changes. This can mean quitting or changing jobs outside of your current firm, making any major purchases or opening any new lines of credit. The underwriter who facilitates the loan process can re-pull credit to determine any significant changes at any time.

I've seen clients lose homes over major purchases including cars and furniture as well as quitting a job to pursue another. Credit and Verification of Employment (VOE) can be pulled even on your closing day.

Now the clients had the very best of intentions, they just did not realize the timing. As closing dates can be delayed, no major changes should occur until after you have closed the deal.

It's good to have your eye on new wheels, furniture or even a job with better income or benefits. Homeownership is the American Dream! Just be patient and take it one step at a time and you can have it all.

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All information is believed to be accurate, however, it is subject to change.