ViewFromTheFootHills.com

4 things you SHOULD NOT DO when trying to get a home loan.

There are four things to avoid doing before applying for a loan, and during the loan process itself. Any one of these four things can submarine your loan faster than you can say, “Dive… dive!”

Do not pay off bills

Your loan officer will advise you if it is necessary to pay off bills to help you qualify for a loan. They will also show you the best way to pay off bills to make sure we have the evidence we need to prove that the bills have been paid.

Do not move your money

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 wreak havoc with the verification process.

Do not change jobs

Changing jobs before or during the loan process can create a real problem in qualifying for a loan, particularly if the job is in a different line of work or at a lower rate of pay. During the loan process, it can can also create time delays as the new job will need to be verified.

Do not make major purchases

Many borrowers make the mistake of buying a new car, some furniture or some other 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. During the loan process itself, doing so can actually make it extremely difficult to get your loan approved.

If you like what you’re reading here at View From the Foothills, why not subscribe to receive automatic updates!

This entry was posted on Wednesday, September 7th, 2011 at 5:01 pm and is filed under Buying a Home, First Time Homebuyers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply