UNCATEGORIZED

Three tips for homebuyers during seasonal sales

Nov 30, 2015, 8:29 AM | Updated: Mar 4, 2016, 5:46 am

Everyone loves a good sale, but make sure you don’t go crazy with holiday shopping – especially if you plan on buying a home or refinancing your loan.

After buyers have received a preapproval on their home loan, they must be cautious with their finances. If they go overboard with their shopping in the meantime, they could even kill the loan approval entirely.

Here are three tips to keep in mind:

Don’t apply for new credit or accumulate new debt. It’s tempting to apply for a new store credit card offering added discounts on top of sale prices, but just filling out an application could be risk. Opening a line of credit requires a credit inquiry, which could not only stall a mortgage loan application but also impact debt-to-income ratio. It could make a lender believe a borrower is a greater risk. Homebuyers need to avoid any major purchases, such as furniture or a car, before the home buying process is complete.

Don’t transfer large amounts of money. Homebuyers need to keep their money in one place as they await closing. Shuffling money between accounts can send red flags to lenders and make them concerned about undocumented funds or money troubles they may not have spotted beforehand.

Watch the gift money. If families are offering cash for holiday presents, buyers need to be aware that this may put their mortgage applications at risk. Lenders will be scrutinizing their accounts and looking for unusual deposits, such as those that are 50 percent or more of their monthly income. They are also looking for any unusual withdrawals. Buyers may need to be prepared to explain any large deposits or withdrawals.

Uncategorized

Associated Press

Boeing factory workers vote to accept contract and end more than 7-week strike

SEATTLE (AP) — Unionized machinists at Boeing voted Monday to accept a contract offer and end their strike after more than seven weeks, clearing the way for the aerospace giant to resume production of its bestselling airliner and generate much-needed cash. Leaders of the International Association of Machinists and Aerospace Workers district in Seattle said […]

9 hours ago

Associated Press

Washington governor OKs massive new wind farm and urges swift turbine approvals

OLYMPIA, Wash. (AP) — Washington Gov. Jay Inslee has approved a revised plan for a massive proposed wind farm after he rejected a sharply slimmed-down version earlier this year. Inslee urged permitting officials to work quickly to allow the construction of as many Horse Heaven Wind Farm turbines as possible, The Seattle Times reported. Washington […]

3 days ago

Associated Press

15-year-old boy charged in shooting deaths of parents, 3 siblings in Washington state

SEATTLE (AP) — A 15-year-old boy accused of killing his parents and three of his siblings this week east of Seattle tried to pin the slayings on his younger brother, but a sister who survived after playing dead escaped to a neighbor’s house and told police who really carried out the shootings, authorities said in […]

11 days ago

Associated Press

No end for Boeing labor strike as workers reject latest contract proposal

SEATTLE (AP) — Boeing factory workers voted against the company’s latest contract offer and remain on the picket lines six weeks into a strike that has stopped production of the aerospace giant’s bestselling jetliners. Local union leaders in Seattle said 64% of members of the International Association of Machinists and Aerospace Workers who cast ballots […]

12 days ago

Union machinist Terry Muriekes waves a Halloween-decorated strike sign by Boeing's Everett, Wash., ...

Associated Press

Boeing is expected to report a big Q3 loss, then wait for results of vote by striking workers

EVERETT, Wash. (AP) — Wednesday is shaping up as one of the most significant days in a volatile year for Boeing, which is expected to report a huge third-quarter loss, introduce its new CEO on his first earnings call, and learn if machinists will end a strike that has crippled the company’s aircraft production for […]

14 days ago

Associated Press

5 dead in shooting at Washington state home with teen in custody, police say

FALL CITY, WASH. (AP) — Law enforcement officials found five people killed in a shooting inside a home southeast of Seattle on Monday morning and took a teenager into custody, police said. Multiple people called 911 around 5 a.m. to report a shooting in Fall City, Washington, King County Sheriff’s Office spokesperson Mike Mellis said […]

15 days ago

Three tips for homebuyers during seasonal sales