Looking to buy a Silicon Valley home? There are some important loan do’s and don’ts to be aware of. I’ll go over them briefly here:
Do:
- Tell the loan officer everything; disclose all potential problems with regard to credit, employment, and source of funds.
- Disclose all income and debts.
- Disclose all sources of funds.
- Ask questions.
- Bring a cashier’s check to the closing or arrange ahead of time to wire the funds to title.
- Disclose alimony and child support.
Don’t:
- Incur additional debt while loan is in progress.
- Apply for new credit during the application process.
- Change employment while loan is in process.
- Transfer funds between depositories without keeping detailed records.
- Make any large purchases during the loan process. Wait until the sale is complete and you have the keys.
- Procrastinate providing information when requested.
- Change loans in escrow, this will usually cause a delay in closing and could potentially be expensive for you.
