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Mortgage 101 Things NOT To Do When Applying For A Loan
Dated: December 26 2017
If you’re planning on buying a house in 2018, it is important to know what you’re walking in to. Buying a house is a costly expense, and you need to ensure your lender you will be able to pay off your monthly payments. After you apply for a loan, these are a list of things you should NOT do.
Allow anyone to run your credit other than the company you applied with.
After applying for a loan, you should not allow a company other than your lender to run your credit score. This is a precautionary step, as running credit has the ability to lower your score. When attempting to get approved for a loan, the higher the credit score the better shape you’re in. It’s best to not risk lowering it.
Change Jobs Under Any Circumstances Without Notifying Your BorrowerCommunication with your lender is important when going through the loan application process. If you lose or change jobs during the time of your application, it’s best to immediately identify your borrower. If you stay in the same profession or field, you should be in good shape. However, if you go from employed to self-employed, this can appear unstable to lenders and you may find yourself in a position where you are no longer able to pay off your monthly payments. It’s best to keep your loan officer and advisers in the loop, so we can work together to figure out the best option for you.
Make any unverifiable large deposits (especially in cash)
This can cause your loan to be denied due to the lack of verification from the source of income. If you deposit a large sum of money and have no way to prove where it came from, it is seen unreliable and unstable to your lender. Keep a paper trail of your expenses and deposits to avoid headaches and confusion down the line.
Enter into a contract to purchase additional property without notifying us.
If you’re in the process of purchasing an additional property, it is imperative to notify us. Buying a house is a large expense that drains a large sum of money from your bank account. If you have multiple applications for a loan with multiple companies, we need to know where your money is going. Yet again, communication is key.
Make a large ticket item purchase (furniture, a new car, etc.)
Large ticket items are a no-go when applying for a loan. Although your inner shopaholic might be dying to go on a spree to buy a bunch of new furniture for your new home, it is in your best interest to hold off until after you receive your approval. Yet again, large expenses drain your bank account, and when applying for a loan, you’re proving to your lender that you will be able to pay your monthly statements.
If you have any other questions about the application process, feel free to reach out to us at any time. Our advisers are here to help guide you through the process to make your loan experience stress free and enjoyable.
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