i am thinking of working with my friend who is an agent to buy a house. will she find out about my financial information if we end up closing on a house? thanks,|||No, not your personal financial information. Of course when you make the purchase offer, she will know how much you are putting down as a down payment and how much you are borrowing because that has to be on the offer.
And if you have loan pre approval you should share that with your agent so they know how much house you can buy.
Anything else is only seen by the lender.
None of the credit information is on the closing paperwork.|||yes, the agent can see all paperwork|||NO
As long as you are using a mortgage professional they will NOT disclosure any information to the Realtor without your permission.
Other items that may save you some money during the purchase process.
Facts to Know When Purchasing a House making your purchase much simpler:
When you know that you're going to be buying a home in the next six months or so, you should place a moratorium on certain things that can inhibit your options. Planning ahead is crucial to buying a home, particularly if you don't have extensive financial resources. Mortgage lenders will be scrutinizing your finances carefully, don't give them any reason to reject your application.
Major Purchases
If you're buying a home, don't invest in any major purchases. Cars, weddings, jewelry, furniture and electronics can all wait until you're settled in your new home. When you make a major purchase, you limit the amount of money available for your down payment, and decrease the amount of liquid capital in your name.
If you do have to make a major purchase before buying a home, you might want to put it on a low-interest credit card until after your mortgage application is approved. Sometimes you can't control what life throws you, but think carefully about your options before making a decision.
Investments
It is also a bad idea to make investments just before buying a home; again, you're decreasing the liquidity of your assets. If you've come across a new stock in which you'd like to invest or if it's a great time to buy bonds, wait until after you've settled the finances on your home.
Furthermore, you'll have to disclose all of your finances before buying a new home, which means accounting for every withdrawal and deposit in all of your accounts. This can get quite tedious, especially if you're trying to dig up cancelled checks for the new sofa and loveseat you just had to have three months ago.
Employment
Before buying a home, try not to change jobs. Your employment is a key factor in the mortgage approval process, and if you can't show steady gainful employment, you might be denied. Of course, you can't help matters if you've just been laid off or an opportunity presents itself that you can't pass up.
If you're going to change jobs before buying a home, wait another six months before going ahead with the real estate transaction. This gives you an opportunity to establish employment and to show a steady income of paychecks from a single employer. This looks much better on a loan application than a long list of recent employers.
Financial Institutions
Changing banks is always a hectic ordeal, so don't do it before buying a home. You'll have to provide information about previous accounts that are now closed, and therefore inaccessible. And if you diversify your money too much in money market accounts, savings accounts, checking accounts and other places, you'll have a harder time with the disclosure process.
If you're fed up with your bank and want to change, tough it out a little longer and switch after your mortgage is approved and you've set up shop in your new house. This will save you hours of headaches and frustration.
As mentioned above, there will be times when you can't avoid all of these things before buying a home, but know that it's in your best interests to wait until the dust settles, so to speak. The goal should be to move into your new house with as few obstacles as possible.
Info from:
http://fullsailmortgagenottodobeforebuyi…
Seven Red Flags for Home Buyers
In most states, home sellers must disclose any defect they know about that could affect how desirable -- and marketable -- their home is before they sign a purchase contract. Even in the six states that lack a “mandatory seller’s property condition disclosure” (Alabama, Arkansas, Kansas, Vermont, West Virginia and Wyoming), the state’s licensing agency may require real estate agents to tell buyers what they know. In all states, real estate agents who belong to the National Association of Realtors are obligated by their code of ethics to disclose any defects they know about.
But you may have fallen in love with a house, and spent hours preparing a purchase contract, before the disclosures are made. You should always make your purchase contract contingent on a professional home inspection ($300 to $350). Home inspectors could miss hidden problems, however, such as a basement that floods during a downpour.
Poor water pressure. Aside from issues of comfort and convenience, low water flow may indicate plumbing problems, such as corroded pipes that will need to be replaced down the road. Tearing out old plumbing and replacing it with copper pipes can run $2,000 to $15,000 or more in a typical 1,500-square-foot home. A less costly alternative is cross-linked polyethylene (PEX) piping, which unlike rigid copper piping, is flexible and easier to install (approved for potable use in all U.S. model p
MOre info:
http://fullsailmort7redflags.blogspot.co…
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment