6 Ways You Can Kill Your Loan in the Middle of Your Orange County Home Purchase

6 Ways You Can Kill Your Loan in the Middle of Your Orange County Home Purchase


Ask any real estate professional what the top problem is in getting a purchase closed today, and most of them will tell you it’s financing.

Gone are the days of easy qualifying and easy financing with no need to prove your income or your assets.

I’ve been around mortgage financing for over 30 years as it’s the family business, and I’ve seen a few things that are likely to kill a deal even for a well-qualified buyer.  These are things that buyers should know and avoid so that they don’t lose out on purchasing their new home.

6 Things to Avoid So You Get your New Home


  1. Don’t buy a new car – this may sound silly, but increasing your debt load may cause you to be ineligible to purchase your home.  If you want a new home, wait to buy the car until after your home purchase is done.
  2. Don’t run up your credit cards – now is not the time to buy the new fridge and furniture for your new home.  This too can skew your debt ratios and cause you not to qualify for your mortgage.
  3. Get new credit cards – the mortgage company may frown on this as it allows you to create more debt.
  4. Take out a new loan of any type – perhaps you’re starting to see a theme.  Don’t incur any new debt in the middle of a home purchase.
  5. Increase the amount owed on a home equity line of credit (HELOC).  Unless this is planned for your down payment and your loan officer is aware of it and has included it in their consideration when qualifying you.
  6. Get a new job, especially in a new industry – mortgage companies typically want to see recent paystubs, and a new job could delay or prevent closing, especially if the mortgage company wants to see a two year employment history in a particular industry.

The best rule to follow if you want to be like the couple below and purchase your new home, is keep everything status quo and don’t make any financial changes until after you have bought your new home.

If you would like more information on buying an Orange County home or would like a referral to an experienced mortgage broker, please contact Christine Donovan at 714.319.9751




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