One thing buyers have to keep in mind that lenders, when the evaluate a applicant's risk, that is the likelihood that they will default on their mortgage, lenders evaluate the ability to pay the mortgage, not whether you're a good guy, or smart, or anything else.
Buyers find this out when they quit their job and try to get financing for a new house or car. They may have cash in the bank, but since they aren't drawing a paycheck, they can't prove to the lender they will pay it back. Many people with very good credit yet no job are being denied a refinancing because they are perceived to be too risky by the same bank that they may have been paying back for years and years.
This is why I'm saying don't quit your job before you get the new house.
You can always try to wait until your current house sells, but in a difficult lending environment, that may take too long and that new house you wanted might away.
I'm trying to create a more informed real estate customer. Is this working?
For my thoughts on entrepreneurship, go to www.hatman2.blogspot.com.
Go to www.byandforwriters.blogspot.com if you would like to get a short story published.
For tips on writing and to read my book for free go to www.kearneymusicschoolmurders.blogspot.com.
For a proper connection strategy, go to www.referralbasedbranding.blogspot.com
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