Let’s talk about some tips for our buyers, as well as their sellers are starting off for our buyers. This is information for tips that actually should be coming from your lens. When your buyers for mistakes that buyers make while they’re in escrow, or even before that number one is not checking your credit report regularly.
The statistic is that 34% of Americans have errors on their credit reports. That’s something you should request annually, review it and see if there’s anything that should be contested or removed or anything like another mistake is not being honest on the application. The whole. Drill is that your lenders underwriters are going to be dating into corroborate.
What you’re putting on the application. Does it make sense to put anything that even a little, what you think might be a little white lie? It could, yeah. Throwing everything off. I would say, just be honest, that doesn’t make sense to fib on it. Another mistake. And this is, you know, a little bit hard. Try not to take a new job while you’re in escrow is may not typically be a deal breaker per se, but it could slow things down.
And I say, this is hard because in current times, depending on your industry, this may be something you can’t control as much as possible. Try not to be transitioned to different jobs while you’re in this buying process. And if you do again, Be upfront with your lender and just tell them as soon as it’s happening.
Another thing is you talk to your lender and ask them what, what if I do this right? Will this have any effect? A lot of buyers while they’re in escrow, they’re like, Ooh, we’re getting a new house. Let’s go shopping for furniture. And we’re going to, where does it go on your credit card? Even worse when you buy a car and you take a loan out and that it’s going to affect your credit and making major purchases while you’re in escrow isn’t there isn’t no one or two, again, it may not be a deal breaker, but it could be, and it could also slow down the process and the timeframe that you close, it could throw kinks worst case scenario.
You won’t qualify it for anything. Final approval for the loan, but try to stick away from those things. If you’re in process, let’s say you’re walking on eggshells, but just be cognizant of what can affect your credit while you’re still in school.