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10 Things NOT to Do
When Financing a Home
There are
several actions a mortgage professional will advise
you not
to take before and during your home loan process.
1. Do not
look for a home without being preapproved.
2. Do not
suddenly pay off debts and collections or close accounts.
3. Do not
apply for new credit cards.
4. Do not
change jobs or change your pay structure at your current job.
5. Do not
consolidate bills.
6. Do not
make non-payroll related deposits into your bank account without
keeping copies of checks
7. Do not
pack the documents needed during the loan process. These include W-2
forms, tax returns, bank statements, pay stubs, etc.
8. Do not
choose a mortgage without researching all the different types.
9. Do not
shop for, lease or purchase a car or other type of vehicle.
10. Do
not incur more debt by making large purchases such as appliances.
By following the advice of
your home loan professional, you will be on your way to obtaining
the best terms and interest rates possible – as well as a smooth,
on-time closing. If you must take one of these actions, it is wise
to discuss this with your loan officer. I would love to assist you;
please contact me with any questions or to start the home-financing
process!
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