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Mistakes to Avoid When Applying for a Mortgage Loan
Do not transfer a large deposit of money into your bank account. Your lender wants verification on it, and this process can be prolonged if you can't produce documentation like a pay stub, bill, or a letter from a gift-giver. Always talk to your Loan Officer upfront for steerage if you are in this situation.
Do not keep cash at residence that you intend to use in the transaction. Skip the hassle of trying to produce documentation for it and keep it safe in your bank account.
Don't open or shut credit card account while you are applying to your dwelling loan. The credit card corporations report this to the credit bureaus. Doing so might change your credit rating 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 earlier than closing, it's called a credit refresh, and any modifications you probably did will show up.
Don't change jobs after you apply. If it's a must to change jobs, it's recommended to wait 30 days after starting your new job to use on your house loan in an effort to establish your income with your lender. You will have to show at least one pay stub to start the loan process.
Don't full any major purchases while making use of to your loan-- particularly on credit cards. Wait to buy big-ticket items like furniture or a new automotive till after closing. Talk to your Loan Officer if in case you have such plans.
Do not overdraw your checking account. This may seem apparent, but keep a watchful eye over your account balance to avoid this costly mistake. In case your lender requests a bank statement from you, it certainly won't look good in case you have overdraft expenses because they may think you've gotten inadequate income or that you're unable to manage your money.
And final however not least, do not withhold information on the mortgage application. Be open with your Loan Officer. Whether that "forgetting" to disclose a earlier bankruptcy, foreclosure, late mortgage payment, etc. If a financial institution had been to find out after submitting the application that you've got (purposely) omitted to return forward with certain information, or plainly lied about certain points, that there's now a big shadow of untruthfulness over everything else you might have supposedly totally-disclosed. More usually than not, your mortgage application will be declined, and will jeopardize future applications as well.
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