There are four major financial-related actions to avoid before
applying for a mortgage loan and during the loan process itself. Any one of
these four things could impact your ability to qualify for a mortgage loan so
it is critical to avoid any of them until after your loan has closed or your
loan officer has advised you.
Do Not Make Any Major Purchases
Many borrowers make the mistake of buying a new car, furniture
or making another major purchase without realizing the impact it can have on
their ability to buy a home. A large monthly payment can affect the amount of
home you qualify for and, during the loan process itself, make loan approval
more difficult to secure.
Do Not Change Jobs
Changing jobs before or during the loan process can create a
real problem in qualifying you for a loan, particularly if that job is in a
different line of work or at a lower rate of pay. During the loan process,
changing jobs can also create time delays while the new employment is verified.
Do Not Pay Off Bills
A loan officer will be able to advise you of your
qualification status and advise you of the permissibility of paying off bills
in order to qualify for a larger loan.
Do Not Switch Banks or Move Your Money Around
It is best to leave your money right where it is until your
loan is closed. Moving your money to a new bank or even into a new account can
create problems with the verification process.
If you must take any of these actions, contact ekeRealty® or a loan
officer from your financial institution to get advice on your options.
A successful loan closing and getting the house of choice will be your reward!