When purchasing a home or refinancing your existing home, the last thing that you want to happen is to find out that upon closing you are no longer qualified. Applying for a home loan is not the time to change jobs, become self-employed, or take on new debt such as buying a car or originating new inquiries on your credit report.
When you apply for a mortgage, the lender is looking at a number of factors:
· Credit score
· Job history
· Debt levels
· Money for a down payment and reserves
When you get to closing your lender is going to check to make sure that the assumptions on which the loan was originally approved are still valid. Because of this it is important that you make sure you do not make big changes. If you do make changes just make sure that they will be favorable in the eyes of your lender.
BECU offers free educational resources on the home buying process, to learn more visit www.becu.org/seminars.