Real Estate with Sanda O’Brien: tips and information on selling and buying homes in Brookline, Boston, Newton, and Needham; Buyers Agent; Green Certification; Sellers Agent; Certified Relocation Specialist.

DO’s and DON’Ts while Shopping for a Home

Tips for shopping for a home

Fannie Mae has recently introduced a new set of rules that forces lenders to perform a last-minute check before the closing.  In other words the  buyer is not officially approved for the mortgage until the results of second credit report are approved.  There are also other last-minute verifications such as job status or unexplained deposits/withdrawals from bank accounts.

Tips on what to do while shopping for homes.

Here is a short list of things to do/not do: DO NOT: Obtain any new credit after the initial pre-approval.  This includes any debt consolidation. DO NOT: Make large deposits into your bank account that are not job wages.  Any large deposit will have to be explained and documented. DO NOT: Withdraw any large sums of money from your account after the initial mortgage application. DO NOT: Make changes in your employment. DO: Notify your loan officer of any changes that may affect your pre-approval. DO: Have interim bank statements or printouts signed/stamped by a bank representative. DO: Continue to pay your bills diligently. Dos and dont's while shopping for homes