What not to do when buying a Metro Detroit home
| 2 major mistakes you can make when buying a Metro Detroit home are: 1) Quit your job. Do not quit your job during the time you put in an offer and before you close. After you close on the house you can do anything you want. But if you want the house do not quit your job. The bank or lender will verify your employment right before the closing. So if quit your job HR is going to tell the bank you no longer work there. No longer work there – no loan! 2) Incur more debt. Once you apply for a loan do not buy anything else on credit. NOTHING. Do not go buy furniture for a new house. Do not buy a new car. Do not order things thru catalogs and put them on your credit cards. All spending should be put on hold until you close your loan. Lenders today are doing double checks on everything. If they pull another credit report during the process and your debt ratios are off then you are not going to get the loan. Many years ago I had this happen where the buyers when out and bought a car and furniture during the process. The bank denied their loan after it was in process because of excessive debt. So please do not quit your job or incur more debt after you put in a purchase agreement. Just my warning so you get your loan on your new Metro Detroit home.
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