It's easy to think that once you get your financing approval you are done… but wait! Changing your financial picture in any way could change your approval… and yes, they do check it again right before closing!
For example, some things that could change your loan approval from 'yay' to 'nay'…
Buying furniture for your new home – you may be excited to order new furniture to have delivered to your new home right after closing, but if it adds to your installment debt or depletes your savings it could affect your mortgage approval
Changing jobs – even if is better pay, it could get in the way… be sure to tell your loan officer!
Adding a job, or spouse getting a job – while you might expect this to be good news, if your financing program is based on an income-based limit or down payment assistance program based on income this could challenge your financing approval
Going on vacation – yay, you finally have time to get away and relax! be careful, however, that it doesn't result in a big depletion of your savings or large purchases on credit – even if that doesn't affect you, be sure your loan officer knows how to reach you in case they need to talk to you about something at a critical time in the financing/closing process
Selling a car, or a truck, or a boat, or… – more cash can be a good thing, but sure you have documentation because underwriting is likely to ask where those funds came from
Bottom line is, check with your loan officer for anything that changes your income or debt or savings… expect them to ask for documentation of EVERYTHING!
Sharlene Hensrud, RE/MAX Results – Twin Cities Buyer's Agent
HomesMSP Team - Sharlene, John, Angela – Minneapolis-St. Paul Buyer's Agents
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