Here’s a list of things you shouldn’t do when applying for a mortgage.
Research shows that the average American will buy three houses in their lifetime and stay in those homes for 10 to 13 years. Because of this, it’s easy to forget what you should avoid while getting approved for a loan. Here are a few things you should absolutely not do during the mortgage process:
- Don’t open or apply for any new lines of credit
- Don’t close any credit accounts
- Don’t miss any credit card, mortgage, rent, or car payments
- Don’t make any large purchases during the process
- Don’t switch jobs or change the way you’re paid at your job
- Don’t change banks
- Don’t make any large deposits in your accounts without a paper trail. Even if it’s a gift from a family member, you still need a paper trail.
- Don’t cosign a loan for anyone else
- Don’t change your marital status. A former client of mine got married on the way to their closing, but it delayed the transaction because her name changed
Essentially, don’t do anything that changes your assets, credit, income, or marital status while getting approved for a mortgage. If you have any questions about the loan process or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.