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PRESQUE ISLE, Maine (WAGM) -The home buying process can be daunting. But local realtors say avoiding a few things can help make the transaction go smoothly and end up with you getting your new home. Its the focus of this week’s Real Estate Matters with Shawn Cunningham.
Your so close to being a new homeowner. But before you can close several things need to happen. And sometimes the unexpected can come between you and your dream…dream home. But avoiding some issues can help you turn the real estate process into turning over the keys to you as homeowner.. First do not avoid communicating with your lender.
Stephanie Fields Realtor Fields Realty LLC.
“Your lender is working hard to prepare all the necessary documents for your closing. When additional information is needed, they will typically contact you pretty quickly. It’s in your best interest to get back to them as soon as possible. The home buying process can be a stressful time in your life and while you may have a lot on your plate, don’t jeopardize how far you’ve come by delaying correspondence with your lender”
Shawn Cunningham NO STANDUP
Next, don’t avoid paying bills on time..
“There’s a good chance that the reason you were approved for your home loan in the first place is because of your upstanding payment history. With payment history typically accounting for about 35% of your credit score, one late payment can bring it down. “
Also try to stay put on your current job…
“Even if a new job means a pay raise, your lender needs to verify your employment with several months of pay stubs. If you can help it, stay put with your current employer so that all the information you provided initially stays relevant. “
And then there’s this…don’t apply for new credit.
“While closing unused credit accounts or transferring the debt to a credit card with a lower interest rate is generally a good idea, it is best to wait until after your closing date. It’s important to realize that your credit is a delicate balance that has been reviewed in detail for the purpose of being approved for your home loan. Closing a line of credit can affect your debt ratio and become a red flag to your lender. Since you can’t guarantee that these moves won’t affect your credit score, it’s best to let it be until after you’ve closed on your home. “
Some tips that will hopefully show you in a good light as a homebuyer and get you closer to living inside your new home…Shawn Cunningham, NS 8.
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