There are a few things that you should not do when applying for a mortgage loan. I’ll keep it short and sweet.
- Do not make any changes at work. I think this is one of the most important. I had a buyer client who I got into escrow on a house and halfway through, we had to switch lenders because he clocked out early a few times and that showed up as “irregular work out” to his lender and the lender wouldn’t fund his loan. Thankfully, I switched him to my preferred lender and she took care of it and we were able to close on time. So please, don’t change the hours you work, take a different position or accept a pay change while in escrow.
- Don not open any new accounts or close any existing accounts.
- Pay your bills on time.
- Don’t make any large purchases. This will add to your debt to income ratio if you put it on a credit card which will make things more difficult for your lender. So no Pottery Barn, Home Depot or Target trips for furniture. Wait till after you close to make those big purchases.
If you have a good lender, she or he may be able to save your transaction if you make a mistake. The best thing you can do for your realtor and your lender is to be transparent. I hope this was helpful. Until next time…..