In the mortgage-funding process there is always concern on financing up to the day of closing. Buyers can inadvertently stumble, failing to keep their credit in good standing. In the excitement of purchasing their new home and with the additional things they know they will need to purchase (new furniture, draperies, artwork, lawn care equipment, etc.) they may prematurely make financial moves that impact the final credit check by the lender. They are usually shocked to find out that they no longer qualify for the loan.
Here are the seven don’ts of mortgage funding:
- Don’t change your employment status.
- Don’t make any major purchases (cars, furniture, home theatre, vacations, etc.).
- Don’t increase your credit card debt or miss any payments.
- Don’t change bank accounts or make undisclosed large deposits.
- Don’t apply for a credit card, co-sign a loan or make a credit inquiry.
- Don’t spend money you have set aside for closing, not any, not ever.
- Don’t delay in providing all paperwork asked for by your mortgage broker or bank.
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Real Estate Broker/Mortgage Broker/Manager
Century 21United Realty Inc. Brokerage/CENTUM Core Financial Inc.
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CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391