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Common Mistakes to Avoid

Common Mistakes to Avoid During the Home Loan Process

During the Home Loan process there are a number of things you should not do. Any of the following can greatly impact your ability to obtain a mortgage loan or can delay your closing date. It is very important to avoid doing the following:

 

- DON’T CHANGE YOUR JOB…
If you change jobs before or during the loan process, it can create real problems in qualifying for a home loan, particularly if your new job is in a different line of work or at a lower rate of pay. During the loan process, it can also create time delays as the new job will need to be verified.

- DON'T CHANGE BANKS OR MOVE YOUR MONEY AROUND…
Moving your money to a new bank interferes with the verification process. It is best to leave your money where it is until your loan closes, unless otherwise recommended by your loan officer.

- DON'T DEPOSIT CASH...
Don’t deposit any cash or money into your accounts other than funds that can be documented, such as paychecks or gift checks. Cash deposits can cause a file to be denied.

- DON'T MAKE ANY MAJOR PURCHASES...
Many borrowers make the mistake of buying a new car or making another major purchase without realizing the impact it can have on their ability to buy a home. A new monthly payment can affect the amount you can qualify for and actually make it difficult to get your loan approved.

- DON'T CLOSE ANY CREDIT CARD ACCOUNTS…
If you close a credit card account, it can affect your ratio of debt to available credit, which has a 30% impact on your credit score. If you really want to close an account, do it after you close your mortgage loan.

- DON'T APPLY FOR NEW CREDIT OF ANY KIND…
If you receive invitations to apply for new lines of credit, don’t respond. If you do, that company will pull your credit and this will have an adverse effect on your credit score. Likewise, don’t establish new lines of credit for furniture, appliances, computers, etc.

- DON'T FAIL TO DISCLOSE FINANCIAL/CREDIT INFORMATION…
Surprises during the loan process can make it difficult for the lender to approve your loan. Disclosure to the loan officer up-front allows time to work on potential problems.

We are your partner when it comes to financing your dreams. Please call today. We look forward to speaking with you soon and assisting you with your mortgage finance needs!

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Glendenning Mortgage Corporation NMLS# 209086
81 East Water Street, 3rd Floor, Toms River, NJ  08753
Direct:  (732) 240-7227
Fax:  (732) 240-7230
mortgage@glendenning.com
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