Nadel & Ciarlo, P.C.

These things could complicate your mortgage when buying a home

Unless you have enough cash on hand, most people opt for a mortgage to purchase a home. While there is nothing wrong with this, you must make sure all your ducks are in a row before your closing rolls around.

By staying in close contact with your lender, you should be able to avoid trouble at the closing table. However, there are some things you can do that could complicate the process:

  • Obtaining an auto loan or new credit card. If you want to throw a wrench into your plan, doing one of these two things will do just that. You don't want to add any more debt to your current load until your mortgage is securely in place.
  • Run up debt on a credit card. For example, you may be tempted to buy new items for your home, such as appliances or furniture. This sounds harmless enough, but your mortgage approval is based largely on debt to income ratio. Running up credit card debt will change this.
  • Switching jobs. Unless you absolutely need to do this, it's best to wait until you secure your mortgage to consider this. If you lose your job or have to make a change, talk this over with your mortgage lender as far in advance as possible.

These are just a few of the many things that could complicate your mortgage when buying a home.

Since you don't want anything to go wrong on closing day, you need to take the advice of your lender and know your legal rights. This will ensure that you close on time.

Source: Bankrate, "3 ways to mess up a home mortgage closing," accessed Oct. 20, 2017

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