The following is a list of rules to adhere to before and during the process of applying for a real estate loan:
1.DO NOT CHANGE JOBS
Changing jobs, becoming self-employed or quitting your job before or during the loan processes will create a real problem in qualifying you for the loan.
3.DO NOT PAY OFF BILLS
Your loan officer will advise you if it is necessary to pay off bills tohelp you qualify for a loan, and what the best way to pay off any bills would be.
4. DO NOT MAKE ANY MAJOR PURCHASES
This includes a new car, furniture or other major purchase.
8. DO NOT MAKE LARGE DEPOSITS WITHOUT FIRST CHECKING WITH YOUR LOAN OFFICER
9. DO NOT CO-SIGN A LOAN FOR ANYONE
If you must do any of these things contact your loan officer. They can help you by re-qualifying you if necessary and advising you of your options. By avoiding these pitfalls you can look forward to a successful loan closing and living in your new home!