Things That May Derail Your Home-Buying Plans

Finding your perfect home that befits your requirements is a long process. And when you have finally located the home of your dreams and have proceeded further till the stage of buying it there could be certain factors that could derail the home buying process. Apart from the complexities of property-buying process, here are some of the key factors to watch out for if you plan on purchasing a home:

1. Debt-to-money ratio

Homebuyers should have a balanced debt-to-income ratio (DTI) as money lenders would do a last-minute credit check before closing, in order to verify that they have not taken extra debt and is capable of repayment. Making large expenses on your credit card will bring down the credit rating of the homebuyer whereas taking large debts during the time of closing the transaction will raise the homebuyer’s DTI. As a result, the risk for approval of loan also increases, challenging the payment procedure.

2. Changing jobs

A job change or getting fired from work will throw your mortgage into jeopardy. Even after getting placed at a different company with an upgrade in salary, there are chances that the loan would get disrupted. This, it is important that you notify the lender about job changes, if any, to help him verify about such cases within a day of closing and for those who are planning to retire, avoid doing so soon after the closing of mortgage.

3. Defects in home inspection

Any serious problems that are revealed during home inspection help the homebuyer to back out without incurring any penalty. This is applicable, if and only, such a clause is mentioned in the purchase offer regarding inspection contingency. You are likely to lose money even if you don’t include this in the contract, even if you decide not to buy.

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Builders in Calicut

Location: Kozhikode, Kerala, India

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