What NOT to Do When Purchasing or Refinancing a Home
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on Friday, November 13, 2020
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Realtor News
Whether you want to refinance your current home mortgage or you are preparing to purchase a new home, there are some things you should never do during the loan application process. Here are the most common no-nos that you need to avoid to ensure your financing goes smoothly:
- Don't apply for credit (such as a new credit card, car loan, or financing for furniture or appliances)
- Don't make major purchases (now is not the time to treat yourself to a new boat)
- Don't liquidate funds (keep your investment funds invested)
- Don't make large deposits (hold off on borrowing cash from your mom)
- Don't switch jobs (stability is important to your creditworthiness)
Why? Because all of these factors could impact your loan approval! If you're unsure whether an action you wish to take may affect your qualification, contact a Mortgage Banker for information.
Keeping your credit score and your finances stable as we go through the loan application process is critical to securing your financing quickly and smoothly.
Questions? Contact one of our Mortgage Bankers today!