Things To Avoid
There are certain activities that can affect the approval of your mortgage loan application. To help ensure your mortgage application is successful, please try to avoid these things:
- Applying for any new credit cards
- Buying a new or used vehicle
- Skipping or forgetting to make monthly payments
- Buying appliances or furniture with in-store financing
- Overdrawing your checking account
- Quitting or changing jobs – Your employment will be verified at the beginning of the loan and prior to closing to make sure you are still employed. If you quit your job your loan may be denied. If you change jobs/employers your closing may be delayed due to the fact we may need 30 days of income verified with the new employer to make sure your income still qualifies you for the loan.
- Charging large amounts on your credit cards – Your credit report will be pulled at the beginning of your loan and again before you close on your loan. This is to make sure your payments are on time, have no new credit and your current balances on your credit cards have not increased. If any of this happens, this could jeopardize the approval of your mortgage loan.
- Spending large amounts of cash from your checking or savings accounts – You will need a specific amount of funds to close on your loan. If this money is not in your account prior to closing, your loan may be denied or delayed. If you overdraw your account during the process of the loan, the loan may be denied.