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Don’t Do These Things When Applying For A Home Loan:
- Don’t go out looking at homes with your Realtor® until we have your loan pre-qualified or pre-approved.
- Don’t change your employment.
- Don’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.
- 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.
- 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.
- 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.
- 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.
- 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.