Financing

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!