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Home / Real Estate Information / Home Buyer Tips / MA Buying Mistakes To Avoid

01.16.14 Home Buyer Tips, Mortgage Information

MA Buying Mistakes To Avoid

If you are thinking about buying a property within the next year, there are particular mistakes that you should avoid as they will limit your loan options. The following are MA buying mistakes to avoid.

MA Buying Mistakes To Avoid

Significant Expenses

Lenders review your income compared to your debt. Increasing debt on either your credit cards or with new loans may dramatically alter that ratio. Generally, the more debt you have, the less you will qualify for on a home loan. This is particularly critical after you have under agreement to purchase a home. Lenders will re-check your credit report immediately prior to closing to ensure that your figures has not significantly changed. If you built up new debts, this can result in you not being qualified to buy the home.

Changing Jobs

As part of the mortgage process, lenders review your previous and present earnings to analyze your ability to pay back the mortgage. Consistency in earnings is very important. Changing jobs prior to or during the mortgage process may cause problems with qualifying for a mortgage, particularly if the new job is in a separate field or at a lower rate of pay. During the mortgage process, it can also lead to delays while the new employment is verified.

Changing Banks

Mortgage processors usually evaluate your bank account statements over the last few months. Moving funds to a new institution can create delays. It is recommended that you keep funds in the current location until after the closing.

Cash Deposits

Most types of mortgages mandate that you use a certain amount of personal money for the down payment and/or settlement fees. Mortgage companies verify this by reviewing bank statements. Any cash deposits are carefully reviewed. You may be asked to verify the source of such deposits.

Closing Accounts

While getting ready to purchase a home, you may decide to pay off debts. Prior to doing this, consider consulting with a mortgage professional on whether this is necessary given your financial standing. If you do pay off bills, do not terminate the accounts as this may reduce your credit rating. It may be better to keep the accounts open with no balance.

More Advice on MA Buying Mistakes To Avoid

The above MA buying mistakes to avoid covers just a few examples. As a local loan officer with Emery Federal Credit Union, I canassess your finances and provide information on other actions to avoid before applying for a mortgage. Contact me, Christopher Graves, by phone at 978-376-5389 or email at christopher.d.graves@gmail.com.

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Chris Graves's avatar

Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

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Direct/Mobile: 978-376-5389
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Topics

  • Local Information (61)
  • Misc Topics (14)
  • Mortgage Information (118)
  • News (22)
  • Real Estate Information (176)
    • Featured Properties (2)
    • Home Buyer Tips (134)
    • Home Maintenance & Repair (12)
    • Home Seller Tips (40)
    • Market Trends (24)

Disclosure

Company NMLS 1788.
Licensed by the New Hampshire Banking Department #13092-MB.
Licensed in Massachusetts.
Licensed in Maine.
Licensed in Florida.
Lender and Broker License #MC-1788 (Not Licensed in Alaska or New York)
http://www.nmlsconsumeraccess.org
Click Here for Our Privacy Policy

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