Roadblocks to Getting Your Home Loan Approved
Purchasing a new home is most likely the largest investment you will ever make. It can be an exciting time, but it can also be extremely stressful. To lessen the stress load and get your loan approved quickly, be sure to avoid these common mistakes.
- DON’T change your employment, living arrangements or marital status
- DON’T make any major purchases (car, furniture, jewelry, etc.)
- DON’T change bank accounts
- DON’T change insurance companies or coverage
- DON’T make any large cash transactions
- DON’T transfer any balances from one account to another
- DON’T close any credit card accounts
- DON’T consolidate your debt onto one or two credit cards
- DON’T apply for new credit or open a new credit card
- DON’T max out or overcharge on your credit card accounts
- DON’T take out a new loan or co-sign on a loan
- DON’T pay off any loans, credit cards, charge offs, or collections without first discussing with your lender
- DON’T finance any elective medical procedures
- DON’T join a new fitness club
- DON’T open a new cellular phone account
- DON’T start any new home improvement projects
- DON’T have your credit pulled or dispute any information on your credit report
In addition to the above, be sure to provide your lender with all requested documents promptly and in their entirety. It is also important that you continue to stay current on your mortgage, rent and other existing accounts.
Following these tips will make your loan approval process much easier for all parties involved, and get you into that new home quickly and easily!