There are four major actions to avoid
before applying for a mortgage loan and during the loan process itself. Any one
of these four things could impact your ability to qualify for a mortgage loan so
it is critical to avoid any of them until after your loan has closed or your
loan officer has advised you.
Do Not Change Jobs
Changing jobs before or during the loan process can create a real problem in
qualifying you for a loan, particularly if that job is in a different line
of work or at a lower rate of pay. During the loan process, changing jobs
can also create time delays while the new employment is verified.
Do Not Switch Banks or Move Your Money Around
It is best to leave your money right where it is until your loan is closed.
Moving your money to a new bank or even into a new account can create
problems with the verification process.
Do Not Pay Off Bills
Your loan officer will be able to advise you of your qualification status
and advise you of the permissibility of paying off bills in order to qualify
for a larger loan.
Do Not Make Any Major Purchases
Many borrowers make the mistake of buying a new car, furniture or making
another major purchase without realizing the impact it can have on their
ability to buy a home. A large monthly payment can affect the amount of home
you qualify for and, during the loan process itself, make loan approval more
difficult to secure.
If you must take any of these actions, contact your loan officer. He or she can
help you by pre-qualifying you, if necessary, and advising you of your options.
A successful loan closing will be your reward!