Until now, you’ve been so focused on what you should do to secure financing that you probably haven’t thought about what you shouldn’t do. Your home buying journey is only one part of your life, after all—unfortunately, seemingly unrelated decisions can still have a major impact on your mortgage experience.
Envoy won’t let you create extra roadblocks on your path to homeownership. Here are seven ways to avoid complicating your home buying experience.
We look carefully at your debt-to-income ratio during this process. Large payments on a car can greatly affect that number, preventing you from qualifying for a home loan. Similarly…
Big purchases may increase your debt load, disqualifying you from a loan or depleting your funds before closing. Wait until your home is actually yours before you spend a lot of money on furnishing it.
Bank transfers between your accounts can complicate the documentation process because all transfers need to be fully traced and verified. Let us verify each account as it stands, then you can consolidate them later.
A new job may involve a long probation period that must be satisfied before we can consider the income you receive from it, slowing down the qualification process.
We monitor your credit for new inquiries or accounts that we’re not aware of during your loan process, so any time you apply for new credit, we will be notified. Any new inquiries or newly opened accounts may negatively impact your loan qualification and will create additional documentation hassles for you, if not worse complications.
Talk to your loan officer if you’re planning to consolidate your debts.
Make sure important paperwork, like W-2s, divorce records, and tax returns, is accessible at all times. Duplicate copies take weeks to receive, stalling your loan process.
If you’ve already done any of the things listed above, contact your loan officer immediately. We’ll do what it takes to resolve the issue and get you back on a fast track toward homeownership.