Some mistakes to avoid before and after applying for a mortgage.
Are you looking to buy a home? It’s an exciting process, but it’s also easy to become overwhelmed and make mistakes. There are plenty of pitfalls you can fall into before and after applying for a home loan. Today I’ll go over a few things you should avoid so that you don’t jeopardize your loan:
1. Don’t make any large deposits or purchases. Common examples I see include buying a car or new furniture for your home. These purchases can hurt your credit and jeopardize your home loan.
2. Don’t cosign on any loans. Similar to the last point, this could hurt your financial standing and change what you can afford.
3. Don’t switch bank accounts. Leave your accounts alone! Unless it’s an emergency, like fraud, don’t move large amounts of money into or out of your accounts.
4. Don’t apply for new credit cards. This could hurt your credit and financial standing.
5. Don’t pay off any accounts or credit cards. It’s tempting to pay off some debt to improve your credit, but any change could put your loan in danger. If you need to pay off some debt, talk to your lender first.
The bottom line is that you should talk to an expert before making any major loan decisions. Reach out to me if you need a great local lender, and as always, call or email me with any questions. I’d love to help!