Things to Avoid During the Loan Process
Do not change jobs
Changing jobs before or during the loan process can create a real issue in qualifying for a loan, particularly if that job is in a different line of work or at a lower rate of pay. During the loan process, it can also create time delays as the new job will need to be verified.
Don’t move your money around
It is best to leave your money right where it is until your loan is closed. Moving your money to a new bank or even into a new account can wreak havoc with the verification process and delay the loan approval.
Do not pay off bills
Your Mortgage Professional will advise you if it is necessary to pay off bills to help you qualify for a loan. We will also show you the best way to pay off bills to make sure we have the evidence we need to prove that the bills have been paid.
Do not make any major purchases
Many borrowers make the mistake of buying a new car, new furniture or making another major purchase without realizing the impact it can have on their ability to qualify to buy a home. A large monthly payment can affect the amount of home loan you qualify for and during the loan process itself, actually make it very difficult to get your loan approved.
If you must do any of these things during the loan process contact Oswego Mortgage prior to doing them. Your Mortgage Professional will work with you to avoid the potential pitfalls and adjust your file if necessary. By avoiding these few things you can look forward to a smooth and timely closing of your loan.