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8 Things You Should NOT Do When Applying For A Home Loan

Looking to buy a house? Need a mortgage? Or maybe you already own a home, but you want to refinance. Did you know there are several things you should NOT do while you're in your home loan financing process?

It may seem silly that actions such as opening up a gym membership or buying a nice neclace should be avoided when you're purchasing a home. But, if you want a smooth process and a quick closing date, we recommend steering clear of several of these things until after your mortgage is closed, and you've got the keys to your new house in hand.

 

Things to Avoid Until you Have A Mortgage

1. Don't buy or lease an auto.

Home Loan Lenders look carefully at your debt-to-income ratio. A large payment such as a car lease or car purchase can greatly impact those ratios and prevent you from qualifying for a home loan.

 

2. Don't move assets from one bank account to another.

These transfers show up as new deposits and complicate the application process, as you must then disclose and document the source of funds for each new account. The mortgage lender can verify each account as it currently exists. You can consolidate your accounts later if you need to.

 

3. Don't change jobs.

A new job may involve a probation period, which must be satisfied before income from the new job can be considered for qualifying purposes.

 

4. Don't buy new furniture or major appliances for your new home.

If the new purchases increase the amount of debt you are responsible for on a monthly basis, there is the possibility this may disqualify you from getting the home loan, or cut down on the available funds you need to meet closing costs.

 

5. Don't run a TRW report on yourself.

This will show as an inquiry on your mortgage lender's credit report. Inquiries must be explained in writing. If you have the urge to visit Equifax, Trans Union or Experian websites - hold off and let your lender run credit for you.

 

6. Don't attempt to consolidate bills before speaking with your mortgage lender.

The lender can advise you if this needs to be done.

 

7. Don't pack or ship information needed for the home loan application.

Important paperwork such as W-2 forms, divorce decrees, and tax returns should not be sent with your household goods. Duplicate copies take weeks to obtain, and could stall the closing date on your transaction.

 

8. Don't open any lines of credit.

If you're applying for a home loan, don't open up any accounts that require a line of credit. This includes cell phones, store credit cards and even possibly gym memberships. Wait to get your extra 20% by opening up a new store card until after your home loan is closed.

 

We hope you have enjoyed this special report on things to avoid when applying for your home loans.

We currently have over 40 creative loan programs to fit your needs.

Please contact us at (816) 875-6538 to set up your FREE No-Obligation consultation where we will meet to tailor a program to fit your needs and comfort levels for monthly payment and investment.


To get started now now, click below to fill out a Free, No-Obligation Secure Online Application. Once we've received your online application, we'll contact you to schedule a free consultation to get you into a great home loan (regardless of your credit.)

 

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