Applying for a home loan? Don’t do this!
Making the wrong choices can derail your chance to purchase a home.
Check out this list of things that you should avoid doing during a home purchase
- Don’t decide on your own what information or documentation you should be providing. You, and everyone involved, will only become frustrated when more documentation is requested as new items are uncovered. This can also open the door to unwelcome last minute surprises.
- Don’t go on a shopping spree or shopping for a new car, or furniture or start applying for credit cards because the store is offering a discount. New debt will push up your debt to income ratios and new credit inquiries could lower your credit score potentially causing you to no longer qualify.
- Continue to keep up with all of your bill and pay everything on time. If a purchase is urgent, discuss it with your loan officer BEFORE you move forward with it.
- Don’t make large deposits into your bank account that can not be property sourced and paper trailed, particularly cash deposits.
- Don’t change jobs or give notice. Your employment and income are a huge portion of your loan qualification. All lenders verify employment for underwriting approval but also 24-48 hours before the loan closes. If you no longer work at the same job or you have given notice, your loan will come to a complete halt.