Essential guidelines to follow after your mortgage application.
When purchasing a home, it is essential to follow some simple best practices after applying for a loan. This ensures that the process of securing your dream home goes smoothly, avoiding any potential hiccups with the mortgage. Today, we’ll cover the necessary things to avoid after the mortgage application:
1. Depositing large amounts of cash. Lenders may consider this a red flag, and large deposits can be difficult to trace.
2. Large purchases and loan cosigning. This includes purchases like appliances and furniture. These can increase your debt-to-income ratio, which can affect your rate and even your approval.
“Always be sure to check with your lender before making any significant financial decisions.”
3. Switching bank accounts. Keeping things consistent is critical, as lenders can track your assets.
4. Closing or opening accounts. Don’t apply for new credit or close any older accounts, as this can affect your credit score.
Finally, always be sure to check with your lender before making any significant financial decisions.
Remember to lean on your team of professionals to guide you through the mortgage and home-buying process. We are here to ensure that you have a smooth and successful experience. If you have any questions, be sure to reach out by phone or email so that we can continue to serve as your resource for all of your real estate needs.
