5 Things Not to Do During the Loan Process

Here are the five major mistakes not to make during the loan process.

Buying a home and going through the process of obtaining a mortgage can be stressful. To ease that stress, today I’m sharing five things not to do that will save you a lot of heartache:

1. Do not quit your job. It doesn’t matter how awful your boss is; this is not the time to look for a new job. Stability is crucial during this process.

2. Don’t increase your credit card balance. You’re buying a house, it’s exciting, and you may want to go out and buy some new furniture or appliances, but don’t do it now. This will mess with your credit score and/or your debt-to-credit ratio.

Stability is crucial during this process.

3. Do not buy or lease a car. Keeping with the theme—again, stay financially stable. Don’t make any large purchases.

4. Don’t spend the money saved for closing costs or the down payment. This might seem obvious, but people do it all the time. Ensure you close on the property before spending extra money.

5. Don’t omit any liabilities to your loan officer. Withholding information will only cause issues for you later.

If you have any questions about this list or other real estate-related topics, don’t hesitate to give me a call or send an email. I would love to help you.