Homebuyers-What NOT To Do Until Your Loan Closes

dont get home loan denied in san diegoWant a lender to delay or even cancel your mortgage closing? Of course not! So be sure not to change “borrower circumstances” between the day you apply for and the day you close your home loan.

  1. Do not change jobs, become self-employed, or quit your job. One thing mortgage companies consider is your stability and your length of employment.
  2. Do not take on any new debt. Do not buy a new car, make any large credit card purchases, or co-sign for a new loan.
  3. Do not allow unnecessary credit checks. Excessive credit checks when applying for new credit cards can lower your credit score and jeopardize your loan pre-approval.
  4. Do not move any money around. Transferring money and depositing large deposits into your accounts can raise a lot of questions from underwriting at any bank (if you have to, do this BEFORE applying for a loan).
  5. Do not fall behind on any payments, or pay off any credit cards. While paying off credit card debit can sound like a positive move, it can actually have a negative affect on your loan pre-approval. Be sure to always run the scenario by your loan officer first.
  6. Do not omit debt or liabilities from your application. Discrepancies between your application and your credit report will be questioned and could have a negative affect on your loan pre-approval.

That’s it! Steer clear from these six pitfalls and you’re well on your way to a smooth closing.

For more information on this topic:

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3 Responses to “Homebuyers-What NOT To Do Until Your Loan Closes”

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