Buying a house and consolidating debt
The lender will look at your credit again before finalizing your mortgage, and if you have missed any payments, it may lead to you losing the loan.Many buyers mistakenly believe that once the lender issues their loan commitment, they are golden. Lenders have the power to revoke a mortgage commitment and will do so if they see fit.Wait to make any financial changes until after you have gotten your mortgage.If a lender sees you moving money around various accounts, they will ask for an explanation.
Just like the job and the finances, your banking history and status is part of the equation that leads to you getting pre-approved.
They had to apply at a new bank under a different program (FHA instead of conventional).
Needless to say, this caused their purchase to be delayed, and in the process, they lost thousands of dollars.
These twenty tips will help you make the best buying decision possible.
Making mistakes is easy when you have never bought a home before.