What not to do after you apply for a mortgage

By
Mortgage and Lending with Cranbrook Loans NMLS #134090

A mortgage application, of any kind, is suppose to be a "snapshot" of the applicant's employment, income, debt, assets and credit worthiness. Don't move while the lender is trying to take this picture!  

 

How do you "stand still" and not jeopardize your approval? Follow these rules;

 

1. Don't quit or changes jobs. 

2. Don't buy anything on credit. This includes credit card purchases.

3. Don't apply for new credit. This could affect your credit score.

4. Don't move large sums of cash from one account to another.

5. Don't payoff, or pay down, your current debts.

6. Don't make your Good Faith Deposit in cash. 

 

It's possible that you could make any of these moves and still be approved. Just make sure you have a discussion with your loan officer before making these moves.

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Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Great advice.  You will have plenty of time after you close on our new h ome

Mar 18, 2018 06:33 AM #1
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Jerry Thomas-Construction Loans

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