Don’t Do These Things When Applying For A Home Loan:

  1. Don’t go out looking at homes with your Realtor® until we have your loan pre-qualified or pre-approved.
  2. Don’t change your employment.
  3. mortgage-programsDon’t Apply for credit because it can affect your debt to income ratio and inquiries on your credit report can result in the lowering of your credit score.
  4. Don’t Purchase any item that will deplete your assets or require financing. Your income to expense ratios are a key factor in obtaining an approval.
  5. Don’t Transfer any funds in or out of your accounts unless absolutely necessary. Transfers can be interpreted as deposits and explanation and verification will be required.
  6. Don’t Make any deposits into your asset accounts other than payroll earnings. Any deposits other than payroll will require you to verify origin of those funds. Do not deposit cash.
  7. Don’t Consolidate or transfer credit card balances. It takes a minimum of 30-60 days for the credit reporting agencies to accurately your balances. This could make it temporarily appear as though you have additional debts.
  8. Don’t co-sign for anyone for a loan. A minimum of 6-12 months of payment history must be verified from the primary borrower before eliminating this debt from your expenses.