FINANCING YOUR HOME PURCHASE
If you need financing, and are buying a condo or coop, make sure that
- The building is approved by a few Lenders.
- If you are paying all cash, but want to recoup some of that capital after you close, and get a mortgage interest deduction, it’s possible. It’s called a Technical Refinance.
- Do not switch jobs prior to Closing.
- Do not quit your job prior to Closing.
- Do not make any major planned purchases until after you Close.
- Do not make any major deposits or withdraws until after you Close.
- Check your credit periodically, to ensure that there are no potential issues if and when you decide to apply for a mortgage. You may want to join a Credit Service to monitor this for you.
- Do not switch from a salary to 1099 income before you Close.
- If you have been in a job for less than 2 years, most Lenders will not give you credit for your bonuses, unless at least 2 bonuses are guaranteed in an Employment Contract.
- If your income is trending downward, most Lenders will not allow you to average your last 2-3 years’ income. They will just use the last year, with the lowest income numbers.
- When checking your liquid assets, most Lenders will allow you to use your retirement assets, but they will only give you credit for 50% – 70% of the value.
- Do not transfer funds from account to account until after you Close.
- Do not let multiple Lenders pull your credit.
- If you start a new salaried job, you must be there for one month prior to Closing.
Senior Vice President
GuardHill Financial Corp.