Well…I can answer this question! The loan process is just that…A PROCESS. Have you ever heard someone say they thought they were approved for a home loan and in the end they did not qualify? Let me tell you some “insider” secrets as to why…
Lender, Gina Chavez, shared with me some of the main reasons people end up NOT qualifying for a loan…AFTER they were told they WERE qualified. And it was well said! Notice…it is sometimes NOT the lenders fault (although often this CAN be the reason). Could it be that it is the borrowers decisions that cause them to not be able to complete the transaction? MAYBE if they break one of the 10 Commandments!
The Ten Commandments
1. Thou shalt not change jobs, become self-employed or quit your job.
2. Thou shalt not buy a car, truck or van (or you may be living in it)!
3. Thou shalt not use charge cards excessively or let your accounts fall behind.
4. Thou shalt not spend money you have set aside for closing.
5. Thou shalt not omit debts or liabilities from your loan application.
6. Thou shalt not buy furniture.
7. Thou shalt not originate any inquiries into your credit.
8. Thou shalt not make ANY deposits that are not payroll related or must keep and provide all documentation
9. Thou shalt not change bank accounts.
10. Thou shalt not co-sign a loan for anyone.
So…if you are in the process of buying a home…FOLLOW THESE COMMANDMENTS!
As always… if you are looking for a GREAT agent to help with your real estate needs please e-mail me at Adele@GreaterPhoenixHomes.com or give me a call (or text) at 602-504-3898 or 888-897-7821 x 114. Plus, I have a GREAT search tool on my web site that gives you the ability to search the entire MLS…just like agents do. Very COOL! Go to Metro Phoenix Homes For Sale and check it out! YOU can create and save as many searches as you would like…and it is THE SAME SEARCH I DO AS AN AGENT! You will LOVE it!