What Not to Do When Applying for a Mortgage
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.
Any of the following will be a main consideration in a mortgage loan request:
- Changing jobs or trying self-employment.
- Buying a new vehicle (or any major purchase).
- Refrain from buying furniture before you complete your home purchase.
- Co-signing a loan for anyone.
- Spending the money you’ve saved for your downpayment and closing costs.
- Initiating new inquiries on your credit report.
- Making large deposits into your checking or savings accounts.
- Using credit cards for large purchases.
- Letting any payments fall behind.
- 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.