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WASHINGTON – Jan. 22, 2013 – A home buyer has been approved for a mortgage loan, and both buyer and Realtor expect to be at the closing table soon. However, buyers sometimes do things that jeopardize the loan, and lenders sometimes rescind a loan offer shortly before a scheduled closing.
• Making a big purchase. Big purchases, such as a new car or furniture, can change the buyer’s debt-to-income ratio that the lender used to initially approve the buyer’s home loan.
• Opening new credit. Buyers should avoid new credit card applications between approval and closing.
• Missing payments. Even bills in dispute should be paid on time between loan approval and closing.
• Cashing out. Avoid transferring large sums of money between bank accounts or making undocumented deposits – both could send up “red flags” to a lender.
Source: “How to Keep Your Mortgage Approval Approved,” Realty Times (Jan. 14, 2013)
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At Century 21 Wimco Realty, Inc., we can help you navigate the home buying process. We can also help you find a Fort Walton Beach, Destin, Navarre, Niceville, or Mary Esther mortgage lender. We are your number one source for Fort Walton Beach and surrounding gulf coast area Real Estate information. Not ready to buy or sell a home? No problem, even if you just have general questions about buying, selling, investing, or renting we are happy to help.