Knowing what not to do is just as important as knowing what to do when it comes to applying for your mortgage loan. Check out this 10-point checklist to help you stay on track.
Realize that any of the following will be a main consideration in the consideration of your mortgage loan request:
- 1. Changing jobs or trying self-employment.
- 2. Buying a new vehicle (or any major purchase).
- 3. Refrain from buying furniture before you complete your home purchase.
- 4. Co-signing a loan for anyone.
- 5. Spending the money you've saved for your downpayment and closing costs.
- 6. Initiating new inquiries on your credit report.
- 7. Making large deposits into your checking or savings accounts.
- 8. Using credit cards for large purchases.
- 9. Letting any payments fall behind.
- 10. Opening or establishing any new bank account.
Remember, keep your financial activity consistent and stable during the time your mortgage loan application is in process.