Friday, December 11, 2020 / by Traci Pimentel
6 Things To Avoid After Applying For A Mortgage
Once you've found the right home and applied for a mortgage loan, there are some KEY things to avoid so you continue to qualify for your loan when it's time to close on your home.
#1. DON'T Deposit Any Cash Into Your Bank Accounts Before Speaking
To Your Banker Or Loan Officer.
While normally we celebrate depositing money into an account, you don't want to put any 'sizable' amount of funds in an account while you're waiting for a mortgage loan. Unless you can prove the deposit is legit, that additional money can lead to the Underwriter denying your loan.
#2. DO NOT Make Any Large Purchases, Like A New Car
Or Furniture For Your Home!
We know it's tempting to want a new ride to park in your new garage or want to furnish your new pad ... WAIT!!! This can affect both your credit score and debt to income ratio, which can cause the amount you initially qualified for to be reduced. Not to mention, racking up additional debt before factoring in a mortgage payment m ...
#1. DON'T Deposit Any Cash Into Your Bank Accounts Before Speaking
To Your Banker Or Loan Officer.
While normally we celebrate depositing money into an account, you don't want to put any 'sizable' amount of funds in an account while you're waiting for a mortgage loan. Unless you can prove the deposit is legit, that additional money can lead to the Underwriter denying your loan.
#2. DO NOT Make Any Large Purchases, Like A New Car
Or Furniture For Your Home!
We know it's tempting to want a new ride to park in your new garage or want to furnish your new pad ... WAIT!!! This can affect both your credit score and debt to income ratio, which can cause the amount you initially qualified for to be reduced. Not to mention, racking up additional debt before factoring in a mortgage payment m ...
