5 Do Nots While Applying for a Mortgage

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The 5 Absolute Do Nots while applying for a mortgage are:

  • DON’T go out and get a new car, furniture or ANY other large purchase. If you obtain any new debt while your loan is in process, you will be asked to document any new payments.  This new payment could put you over the edge and you may no longer qualify for the loan.
  • DON’T stop making payments on your monthly bills such as credit cards, student loans, auto loan payments, rent, etc. Should your credit have to get rerun before closing, any recent late payments could not only drop your credit score, but, also make you ineligible for financing as some loan programs have minimum credit score requirements.
  • DON’T apply for any new credit cards or any other loans while you have a mortgage application in process.  Not only could this lower your credit score, but also as mentioned above, obtaining any new debt could result in you no longer qualifying for the loan.
  • DON’T make large deposits or transfers that you can’t document.  I repeat DO NOT make any large deposits or transfers you can’t document.  Any large deposit or transfer will require additional documentation and could delay the closing. 
  • DON’T quit your job, even if it’s for a better one.  A change in jobs will require you to produce 30 days’ worth of paystubs for the new job. This could delay your loan from closing.

If you or someone you know are looking to buy a home feel free to join us for a free home buyer education night.

FREE Home Buyer Education Night

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Weds., Nov. 15, 2017 6 p.m. to 8 p.m.

Keller Williams Realty

188 Elm Street, Westfield, NJ 07090
 

Are you or someone you know in the market to buy a home now or in the next year or so? Come to our FREE Home Buyer Education Night!

Enjoy light refreshments while learning the steps toward a successful home purchase!

Our experts will discuss how to secure a mortgage, raise your credit score, work with a real estate agent, a real estate attorney and close the deal.

LIMITED SEATING! Register today for the event, www.HomeBuyerNight.eventbrite.com or by phone message 908-543-4047 or email HomeBuyerNight@gmail.com

 

Keller Williams Realty - A New Generation of Positive,Professional & Tech Savvy Realtors. Keller Williams Realty is located at 188 Elm Street in Westfield and serves the communities along the train lines including Westfield, Cranford, Fanwood, Scotch Plains, Mountainside, New Providence, Berkeley Heights and the surrounding communities. Call us today at 908-233-8502

Are you considering selling your home? Take advantage of our home sales expertise and marketing experience to ensure your home is sold in reasonable time and for top dollar. Get a FREE in-depth home Value Report, and find out more about a detailed marketing plan and how it can help sell your home faster, and for top dollar.

The opinions expressed herein are the writer's alone, and do not reflect the opinions of TAPinto.net or anyone who works for TAPinto.net. TAPinto.net is not responsible for the accuracy of any of the information supplied by the writer.

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