Don’t switch a large deposit of cash into your bank account. Your lender needs verification on it, and this process might be lengthy if you can’t produce documentation like a pay stub, invoice, or a letter from a present-giver. Always talk to your Loan Officer upfront for guidance if you are in this situation.
Don’t keep cash at home that you just intend to use in the transaction. Skip the effort of making an attempt to produce documentation for it and keep it safe in your bank account.
Don’t open or close credit card account while you are applying in your house loan. The credit card companies report this to the credit bureaus. Doing so might change your credit score or ratios which can affect your loan qualification. Even when the lender pulled your credit already, know that the lender does a soft pull on the end before closing, it’s called a credit refresh, and any changes you did will show up.
Don’t change jobs after you apply. If you must change jobs, it’s advisable to wait 30 days after starting your new job to use in your house loan so that you can set up your earnings with your lender. You will have to show a minimum of one pay stub to start the loan process.
Do not complete any main purchases while applying on your loan– especially on credit cards. Wait to purchase big-ticket items like furniture or a new car until after closing. Talk to your Loan Officer you probably have such plans.
Do not overdraw your checking account. This could seem obvious, however keep a watchful eye over your account balance to avoid this pricey mistake. In case your lender requests a bank assertion from you, it definitely won’t look good you probably have overdraft fees because they may think you may have insufficient revenue or that you simply’re unable to handle your money.
And final but not least, do not withhold information on the mortgage application. Be open with your Loan Officer. Whether or not that “forgetting” to disclose a earlier bankruptcy, foreclosure, late mortgage payment, etc. If a monetary institution have been to search out out after submitting the application that you have (purposely) omitted to return forward with sure information, or plainly lied about certain factors, that there is now a big shadow of untruthfulness over everything else you’ve gotten supposedly totally-disclosed. More usually than not, your mortgage application will be declined, and should jeopardize future applications as well.
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