Avoid These Mortgage Mistakes
During the mortgage process, it is important to avoid significant shifts in your financial situation to ensure a smooth approval process. Please refer to our list of suggestions below to avoid making the wrong mistakes.
DO'S
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Make all obligation payments in a timely manner. (This includes rent, mortgage, car payments, credit cards, utilities, child support etc.)
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Try to keep your credit card usage balance low.
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Give us a call as life happens that spending arises that may have a significant impact on your finances. What may seem like an insignificant financial decision, could have detrimental implications to your mortgage process.
DONT'S
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Apply for new credit of any kind during your mortgage process
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Make any major shifts in your purchasing power during your mortgage process (new car, recreational vehicles, furniture, appliances etc.)
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Max out your current credit limits or close out credit accounts. Both can have an immediate negative impact on your credit score.
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Transfer money between your bank accounts. This may slow your process down and require more documentation.
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Open new bank account and shift entire savings accounts around.
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Make late bill payments to avoid large shifts in your credit score.
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Deposit undocumented funds into your bank account.
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Co-sign a loan for another borrower.
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Change employment.
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Borrow money.