When buying a home... There are a few things that a buyer should not do before buying a home. I tell this to all my buyers - just so in the 12th hour they do not get denied by their bank (some banks re-run your credit 48 hours before closing).
* Don't go out and buy a new car - It can I bet, wait. That goes for buying a boat, opening up credit cards, or even making large purchases like new furniture. DON'T Do it. It will not only mess up you debt ratio - but it will lower your credit score (each inquiry on your credit shows by a creditor and will affect it).
* Don't pay your bills late - prior to closing on your home - make sure you are current and up to date on all your bills.
*Don't move money around. This is a NO NO. You need to most likely, for your bank show reserves - either 2 or 3 mos. of mortgage and taxes. If you move money from one account to another - you will have to explain this to your bank. Where did you get this money? Who gave you this money? Will you have to repay this money back? Did you take this money from an IRA,CD or other account? This will just raise some eyebrows and could delay your closing.
*Don't quit your job - This will make the banks freak out. Just stay at your job - eat crow, close on your home then quit your job.
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