Uncategorized March 24, 2015

What not to do when applying for a mortgage

Be sure to maintain good communication with your lender throughout the loan application process right up to closing when you'll get the keys to your new home. In general you should minimize the moving parts in your financial life unless your loan officer has advised you otherwise. Getting preapproved is great but keep in mind that your lender will almost certainly double check everything just before closing. Any changes will have to be explained and may even cause your lender to decide not to loan you the funds to buy your new home. Here are some things to consider.


1) Don't stop making your mortgage, rent, auto or other payments.

2) Don't buy or lease an auto.

3) Don't move assets from one bank account to another.

4) Don't change jobs if you can help it.

5) Don't buy new furniture or major appliances for your new home.

6) Don't run a credit report on yourself or have anyone pull one for you.

7) Don't attempt to consolidate your bills before speaking to your lender.

8) Don't pack or ship information needed for the loan application.