The Seven DON’TS of Mortgage Funding
Author: admin | Category: Homebuying Tips, Mortgage InformationIn the mortgage-funding process, there is one final place you can inadvertently stumble. That is failing to keep your credit in good standing through the closing. Sometimes in the excitement of purchasing your new home, you may pre-maturely make financial moves that impact your approval standing. These disastrous things can cause you to no longer qualify for the loan. I call these “The Seven DON’TS of Mortgage Funding”
1. Don’t change your employment status.
2. Don’t make any major purchases (cars, furniture, home theater, vacations, etc..)
3. Don’t increase your credit card debt or miss any payments.
4. Don’t change bank accounts or make undisclosed large deposits.
5. Don’t apply for a credit care, co-sign a loan or make a credit inquiry.
6. Don’t spend money you have set aside for closing-not any, not ever.
7. Don’t delay in providing all necessary paperwork asked for by the mortgage lender.
While most of these things may seem common sense to alot of people, I’ve seen on NUMEROUS of occassions and heard horror stories from others, about how they lost their financing at the last minute due to some of these “don’ts” that were stated. Please learn from others mistakes!