Mortgage rates are at all time lows and it’s a great time to buy a home!! But before you apply for that low rate mortgage, read the list below of what NOT to do once you have made application. Though some items may seem like common sense, many people have been turned down for a mortgage for doing them!
DON’T quit your job!
DON’T make any unusually large deposits into your checking/savings accounts
DON’T make any changes to the purchase contract without consulting your lender
DON’T make any large purchases (car,boat,jewelry, trips, etc)
DON’T apply for a new credit card (even if it says you’re pre-approved)
DON’T open a new credit card
DON’T transfer balances from one account to another (without consulting your lender
DON’T payoff charge offs without talking to your mortgage lender first
DON’T payoff collections without talking to your mortgage lender first
DON’T buy any furniture
DON’T close credit card accounts
DON’T change bank accounts
DON’T max out or over charge credit card accounts
DON’T consolidate debt
DON’T take out a new loan
DON’T start any home improvement projects
DON’T finance any elective medical procedures
DON’T open a new cellular phone account
DON’T join a new fitness club
DON’T pay off loans or credit cards without consulting with your lender first
The above items are listed because at some point or another, they prevented a client from closing on a property. If you have a question about anything you are planning that will affect your finances and you are in the process of obtaining a loan, contact your lender or real estate agent first!