Things To Avoid After Applying For A Mortgage
Hey, everybody. Jon Sump here with The Home Brokerage coming to you for a Thursday Thought of the Week. And this Thursday's Thought of the Week, sorry about that, is the things you should not do after applying for a mortgage.
Number one, really critical, do not change your jobs or the way you get paid at work after applying for a mortgage. Every little thing that I'm going to be talking about here can hugely impact the underwriting and getting your loan approved, so be really careful to not do any of these things.
Number two, don't deposit cash into your bank accounts. Just during this period. You get some cash from somewhere. Just leave it to the side until after you move in. Don't deposit it now because we're going to want to see a paper trail of where it came from.
Number three, don't make any large purchases, like cars, furniture, anything like that. Don't even co-sign for someone else at all, and I don't care ... Well, going back to the purchases, don't purchase any ... even if you're buying cash, don't do any of it until after the loan is closed and you're moving into your new home. Then you can go buy whatever you want, okay?
Like I said, number four, do not co-sign for anybody because it will go onto your credit and it will affect your loan at the end because they pull your credit report in the beginning to get you pre-qualified, but they're also going to pull it at the end to make sure nothing has changed. And if there's changes, guess what? You're not going to get that loan.
Number six, [inaudible 00:01:53] to it as well, do not apply for any new credit. So don't even go get a new credit card. Don't get like a car, furniture, appliances, nothing to do with your credit during this process.
Number seven, don't close any credit accounts. Leave them open. They won't understand why they're closed, and they don't ... Just leave them alone until it's done.
So the bottom line here is anything that has to do with your credit report, your finances, anything like that, don't mess with it other than what your lender tells you to do. Don't do anything else. If it's even a question, call your lender immediately. And if you like this, as always, share it, like it. Check out our YouTube channel above and, as always, make it a great day.