What NOT to do with Mortgage Applications

When applying for a mortgage its easy to find mortgage checklists, and homebuyer guides and even to learn and understand the process, but if you aren't careful to learn what not to do when applying for a mortgage, you could end up hurting your changes at qualifying, being approved or even obtaining your mortgage.

Below you will see 4 key actions to avoid when you are in the process of buying a home.

Don't move money around

DON’T DO IT. Every deposit that goes into your various bank accounts, must be documented and traced back to its origin. It is always best to leave your money where it is. We can advise you later as to how to transfer funds into a single location if you must. But don’t move money

Don't incur new debts

This may seem common sense, but it happens. If you are about to start the process, or have already… always consult with your lender before incurring any debts, or even allowing your credit report to be pulled.

Don't assume you can use gifts or assistance

If the money is not YOUR MONEY, in YOUR ACCOUNT… there is a chance that it can not be used or included. Before assuming you can use money from unique sources, ask first. And it is always better to ask early.

Don't change jobs

Don’t change jobs right before you plan on buying or during the process. This does not mean you can’t do it. It just means you should have a conversation with your lender well before you make that decision to discuss the implications.
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