As thousands of Connecticut residents are spending millions of dollars during this holiday season there are dozens of other renters that are saving every penny so that they can buy their first home. If you are one of the Connecticut shoppers that have to balance Christmas shopping with saving for a down payment to qualify for a Connecticut mortgage on a home, do not make these several huge mistakes. The first major pitfall to avoid when applying for a Connecticut mortgage is the overwhelming desire to rush out to buy all the matching furniture and appliances to fill your soon-to-be home as soon as you hear that the seller accepts your purchase offer. Do not even go out and start spending if the lender pre-approves you for a Connecticut mortgage loan, because even with a preapproval there is still no guarantee that you will be able to close the loan. Here are the major mistakes to avoid during the home buying process to make sure that you are in your home for the holidays:
• Don't make big ticket purchases. Be warned. It will take massive amounts of self control not to go out and buy that new leather living room set for your soon-to-be fun room. Use whatever method of self control that you have to, but do not buy big ticket items like a big screen TV, electronic toys or gadgets, cars, appliances, equipment or just about anything that will cost you big money or require you to finance it. Wait until after you have the keys in hand after the closing on your low rate FHA Connecticut mortgage. Financing those big ticket items with a credit card will have an impact on your debt to income ratio, which could mean your new mortgage pre-approval could turn into a denial. Additionally, you are not safe if you are paying cash because mortgage lenders review your cash reserves in your bank accounts when approving your mortgage.
• Don't change or quit your job. Connecticut mortgage lenders require a consistent job history for most programs. The changing jobs caution is really if you are making less or are changing fields. If it is within the same industry and then it probably will not affect your ability to qualify for a Connecticut mortgage. However, recognize that for a highly detailed underwriter, changing jobs while in the mortgage approval process may raise some concern.
• Don't change banks or transfer money. Connecticut mortgage lenders usually review bank statements for the previous two or three months on any and all of your banking accounts. Banks want to have a paper trail to show where your money is coming from and where it is going. By constantly transferring money or changing banks you could appear to pose additional risks to a Connecticut mortgage lender.
• Don't ignore Connecticut Mortgage Lender guidelines. Once you have been pre-approved for a mortgage, do not take that to mean that everything is absolutely okay. There are still additional requirements that are need to process your loan. Be prepared because you will paperwork verifying all of the information you provided on the application. Whether you close or not will depend on how fast you get the documentation over to your mortgage lender. Do not jeopardize your new home because you refuse to rush over to Staples on your lunch break and fax over a copy of a paystub.
• Do let an attorney hold your deposit in escrow if dealing with a FSBO purchase. By letting your attorney keep the money that insures that you are protected in case the deal goes south. There is a chance that a FSBO seller may view the good faith deposit and their money and there are plenty of horror stories about people losing thousands of dollars for a home they do not own. Keep in mind that the purchase contract spells out where the deposit goes if the purchase does not close.
Chris Rivers, a FHA Mortgage Broker, specializes in offering low FHA interest rates for refinance mortgages nationwide even if you have late payments on your mortgage. When you need to refinance your adjustable rate home mortgage into a fixed FHA rate mortgage with great credit scores then use a Connecticut FHA Mortgage
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