Watch out for these six mistakes when applying for a mortgage.
After you’ve applied for a mortgage loan, there are six things that you need to avoid doing if you want the best chance at getting approved:
1. Don’t change your job or become self-employed.
2. Don’t make big purchases, such as a new car or new furniture.
3. Don’t make large purchases on your credit card or skip monthly payments, as these can affect your credit score.
4. Don’t spend money you have saved up for a down payment.
5. Don’t make large deposits into your bank account—you’re required to provide documentation to prove where those funds came from.
6. Don’t co-sign on loans or switch bank accounts.
It’s critical that you avoid doing all of these things because they can alter your credit score or debt-to-income ratio, which can in turn affect your loan qualification. If any of these six things do occur, reach out to your lender as soon as possible.
If you need to connect with a local lender or if you have any questions, feel free to give us a call or send an email. We’d love to help.