If you want to buy a home in Miami real estate, there are some things that you should not do until you haven't purchase your dream home.
Read on to know these things.
If you wish to buy a home, you should not make any major purchase at the moment.
You do not have to buy stuff such as car, furniture, electronic appliances, jewelry, vacations expensive wedding and so on, that would create debt of any kind.
When you want to buy a home, of course, you will apply for a mortgage.
So when you go to a lender and apply for a mortgage, the lender will review your loan package for approval.
One of the things that lender will be concerned about is the source of funds for down payments and closing costs, so you should not move money around.
Typically, lender will asked you to produce statements for the last three months on any of your liquid assets which includes checking accounts, savings accounts, money market funds, certificates of deposit, stock statements, mutual funds, and retirement accounts.
So if you've been moving money, there will be large deposits and withdrawals, which can lead to delay of processing of your application since the lender will asked you to provide all the complete paper to trail all the deposits and withdrawals.
Asking you to produce lots of paper needed can make you be annoyed at your lender but the truth is he/she is just doing his/her job properly.
So in order to avoid any problem and to make sure that your loan will be process correctly and immediately, you have to completely submit all the documents that are being required by the lender.
So the best thing to do is not to move your money even if you are consolidating your funds, this can help the lender process your document properly and immediately.
It is the right thing to do to leave your money where it is until you have talk to a lender.
And one more thing, do not change banks until you haven't applied for a mortgage.
Changing jobs should not be done before applying for a mortgage.
There are employees that are not affected with changing jobs but there are those who are.
If part of your income comes from commissions, you should not change your jobs before purchasing a home.
You have to know that the lender will calculate your income, the average commissions for the last two years of work.
If you change jobs, there will be an uncertainly of your future earnings from commissions, you won't be having any track record in order to produce the average commission, so the lender can't be certain with your income.
So changing your jobs can create a negative impact with your desire to buy a home.