In the spirit of the 4th I am sharing how to avoid fireworks before your home purchase in Virginia or Maryland.
Buying a home has become an exciting yet stressful time when using mortgage financing. FHA loans, VA loans, and Conventional loans all have different guidelines to follow, but here are the things to do to avoid the fireworks before closing:
- Do not transfer or deposit large sums of money into your bank account without being able to source the funds.
- Do not send what you think will suffice for loan approval conditions. For instance, if you are receiving a gift and it requires a copy of the donor's cancelled check don't send the copy of the check from your bank instead.
- Do not max out or charge new purchases for the home on your credit card until after closing. Many lenders repull credit right before closing and using revolving accounts (credit cards) too much can severly hurt your credit score.
I know you want to furnish your new home, but please wait until after the closing.
Buying a home in Woodbridge, VA does not have to be stressful as long as you play by the rules. Contact your Woodbridge Mortgage Lender for a free consultation and learn how to avoid fireworks before closing.