4 Ways You Can Put Your Home Loan in Jeopardy
Posted by Team Donovan on
So you’ve decided to buy a second home in Orlando. Congratulations! If you plan to finance your holiday home purchase, you should be careful about what you do between the time your loan is approved, and you actually close on the purchase.Â
Lenders have been known to rescind a loan offer shortly before the scheduled closing if the buyer makes one of the following missteps:Â
1. Making a big purchase – Buying property is a big enough transaction. Don’t spoil the chances of your loan going through by purchasing any other items such as a new car or furniture for that vacation home. A big purchase (especially one you plan to finance!) can change a buyer’s debt-to-income ratio. That ratio is what the lender used to approve the home loan. Save those…