I know some of this may sound silly but it will affect your ability to qualify for a mortgage.
- Don’t change jobs even if you get a large raise. Ask the new employer if you can wait to start until your mortgage is closed. Also don’t reduce hours, quit or start your own company.
- Just because you are on vacation don’t make a late payment for anything. Make the payment early and be safe.
- Don’t buy a vehicle for any reason again wait until after closing. You will be glad you did.
- Okay maybe your new house deserves some new furniture but don’t buy it until after closing. Just writing up the ticket or getting no payment for a year can and will jeopardize your mortgage closing.
- Don’t close a credit card, increase the balance or max out the limit.
- Oh yah Don’t Shop for any new credit cards of any type either.
- Do not co-sign for a loan or credit card with another person.
- Don’t spend any of your down payments money even if you think you have more than enough.
- Do not take a loan against your retirement/investment funds or get a gift for the closing cost without talking with your lender first. There are specific guidelines that must be followed.
- Don’t make any large deposits into your bank account outside of payroll. And if you do have the funds documented as in some case these funds will not be allowed to be used for closing.
- Do not deposit cash
- Do not change bank accounts or transfer funds to a new bank
- Continue to pay all of your existing bills timely
- Do check your email on a regular basic as your lender may need addition documentation and respond as timely as possible.
I know this sounds like common sense but will all do things on a daily bases without thinking that yes we can afford but causes an underwriter to ask for additional information or just reject the loan at the last minute.
Call me anytime and let’s discuss real estate. We are here to help or Check Out Heather Jobe at First Mortgage www.firstmortgageco.com/heatherjobe