Four Very Common Mortgage Mistakes
Beware of these four top mortgage mistakes. You are a homebuyer and you are excited about purchasing a new home. The contract has been accepted and you apply for your loan. Don’t sabotage the loan process by making any of these four common mistakes while your loan is being approved.
Your lender will do a final credit review immediately before your loan closes. Take a look at these four risky behaviors and make sure you do not jeopardize your loan approval.
1. Don’t Apply For Credit:
That means, don’t go car or furniture shopping or make any large purchase on credit while your loan is being approved. Don’t even apply for new utility providers or any other form of credit. Even if you don’t take on more debt, the inquiries could damage your credit score and,
2. Don’t Move Money Around:
Any money movement will be closely scrutinized just before closing. If you are getting a gift to help you with closing costs, have them wire the money directly to the title company and make sure your mortgage company has any gift letters they require and,
3. Don’t Change Jobs:
Even if an amazing opportunity shows up, try to delay the job change until after closing. The mortgage company wants to see stability and will typically require you to be on a job for a minimum of 30 days. They will often ask for a pay stub and verification of employment. If things change, it could delay or destroy your ability to get a mortgage loan and,
4. Don’t Put Off Filing Your Most Recent Year Tax Returns:
Lenders want to see your latest financial information, including your current year tax returns. Do your taxes as soon as you can and it will make it easier to gather up what you need to apply for a mortgage. AND – if you get a tax refund, don’t spend it until closing. Set it aside for expenses like a down payment, closing costs and other things you will need to move into your new home. It will show the loan company you are very responsible with your money.
Visit Our Favorite Mortgage Lender In Southwest Florida
Nancy Pedone, President
Responsible Life, Inc.
10530 Stringfellow Rd., Suite 5, Bokeelia, FL 33950
Office: 833-899-4663, Direct: 610-496-9249