You’ve found that perfect house, now it’s time to get financing. You’ll want to steer clear of some of these mistakes when you get your mortgage.
1. Don’t change jobs
When applying for a mortgage, don’t change jobs, quit your job, or become self employed. Just keep doing what you’re doing.
2. Don’t buy a car
Now isn’t the time for a new car. You’re getting a new house, remember? One thing at a time.
3. Avoid using credit cards
Don’t use your credit cards excessively or let your account fall behind. Yikes.
4. Don’t spend closing money
Don’t spend the money you’ve set aside for closing. Tempting, but no.
5. Don’t leave out details
Don’t leave out debts or liabilities from your loan application. Be sure to share everything with your loan officer, and I mean everything.
6. Don’t buy furniture
Don’t buy furniture. It’s tempting when you’re buying a new home, but you should really wait until after you have your mortgage complete to get that sectional.
7. Don’t make large deposits
Don’t make any large deposits without first checking with your loan officer. I love large deposits, but ask first.
8. Don’t change bank accounts
Don’t change bank accounts or transfer money between accounts. Hold still while your mortgage is cooking!
9. Don’t co-sign a loan
Don’t co-sign a loan for anyone, even for your son who wants that new car.
So congrats on finding that house, and here’s wishing you a smooth mortgage process.
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