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Top 9 Things NOT To Do Before or During Your Mortgage Application

by Aileen Rivera


1. Let lenders pull you credit. Trust one lender to pull your credit who promises to give you the attention, price, and options you need & deserve. Inquiries lower your score and could raise your rate.

2. Quit your job. Lenders will re-verify your employment just prior to funding your loan.

3. Buy a new Car or make any other large purchases. The new payment may make it difficult for you to qualify for your mortgage.

4. Stop making payments on your mortgage, credit cards, etc. Lenders may re-pull your credit and falling behind on your current debt can cause your application to be denied.

5. Put your home on the market. Lenders will not lend on a home that is listed for sale.

6. Begin improvements on your home. A home that is currently under construction may be difficult to appraise at its true value and may not have clear title due to contractors putting liens on the property.

7. File for bankruptcy. Your loan approval will be based on your current financial situation. Once pre-qualified, strive to maintain your financial status.

8. Deposit large sums of cash in your bank account. On most loan programs, lenders require we document the source of all increases to your bank account over the past 60 days. No asset verification loans are higher interest rates.

9. Take advice from your mechanic on mortgage programs and rates. Would you take advice from your loan officer on what is wrong with your car? When you need expert advice on mortgage rates and programs, call us! We are the mortgage specialists!

 

About the Author

I have twelve years of mortgage banking experience in originations and underwriting. I am very passionate about my work and enjoy helping others obtain their dream home.

 
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