What You Shouldn’t Do When Applying for a Loan

These are the ten commandments of applying for a house loan.

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There are ten specific things that you shouldn’t do from the time when you’re applying for a home loan until after you close. We discuss these with all of our buyers during our consultation, and it’s very relevant since people are refinancing because of low mortgage rates. Here’s the list:

1. Don’t change jobs, become self-employed, or quit your job. Discuss any sort of job move with your loan officer. They may say it’s okay, but as a rule, do not change jobs.

2. Don’t buy or lease any type of vehicle.

3. Don’t max out your credit cards or close any accounts.

4. Don’t spend money that you have set aside for closing.

5. Don’t omit any debts and liabilities from your loan application. Once they do your final poll, those will show up and could cause some problems.

Make sure to check with your loan officer before attempting any of these things.

6. Don’t buy furniture or put it on layaway.

7. Don’t do anything to cause any additional inquiries into your credit.

8. Don’t make any large deposits. Make sure to check with your loan officer before doing this.

9. Don’t change banks or bank accounts.

10. Don’t co-sign a loan for anyone. This will create additional liability for you on your credit.

If you have any questions or if you’re looking to purchase a home, we’d love to help you. Don’t hesitate to reach out to us by phone or email.

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