There is a huge demand for Midland Texas real estate and this is due to many reasons including the low mortgage interest rates in this strong and thriving economy. Unlike in other parts of the country, Midland and other parts of the Permian Basin market is experiencing high housing demand, as more people are attracted to this unique housing market. The buying and selling of real estate in the region has not slowed down and buyers have a wide selection when it comes to choosing a home.

1. Avoid any major purchases

It is a good idea to avoid any major investments or purchases before you close your mortgage loan. It is important to note that having a mortgage deal lined up, does not mean that the deal is done. Many banks have been known to withdraw mortgages after the individual decides to make a major purchase such as buying a car. 

The banks tend to get wary because this suggests the homebuyer has acquired more debt providing a risk for the bank. It is important to avoid buying big-ticket items until you have signed for the mortgage. This goes for cash deals as well as the banks tend to check this.

2. Major career changes

Making a major career change just after you have applied for the loan can make the lender nervous. When evaluating the home loan application, lenders look at factors such as job stability and salary. A career move can jeopardize your loan application. The bank can decide to delay the process or pull the loan altogether. The lender prefers to wait until you can demonstrate that you have the financial resources to pay your debt effectively.

3. Second credit check

It is a good idea to be prepared for a last minute or second credit check just before closing. Banks will check the credit to make sure that there are no red flags and if you miss or delay making a mortgage payment or fail to make any credit-card payments, you risk losing the loan. You have to be very careful during this period to avoid putting your new home purchase at risk. This is not the time to apply for a new credit card as this can threaten you home loan by triggering a credit-score inquiry.

4. Remember closing costs

Do not spend your last coin on the down payment and forget about closing costs. This is a mistake that many homebuyers make and they forget that the closing costs could be as high as 3% of the total cost. Make sure that you know all the expenses to avoid surprises. You also need to know that closing costs can change without warning and you need to set aside enough money to pay for more mortgage rate points than you were anticipating.

Midland Texas is still below the national and state average for housing prices and this is the perfect time to invest in your dream home in West Texas! When you decide to buy a home, you need to shop for the best mortgage loan. Banks are still cautious when it comes to home mortgage loans and you need to ensure that you do what you can for the home purchase to proceed smoothly. We can help you with that!