Just apply for a mortgage? Avoid these 8 deadly sins….

Denial-of-home-loan-application

Here are 8 things you should absolutely not do between your date of application and your closing date. Any one of them could force your loan to fall apart.

1.Don’t buy a new car or trade-up to a bigger lease

2.Don’t quit your job to change industries or start a new company

3.Don’t switch from a salaried job to a heavily-commissioned job

4.Don’t transfer large sums of money between bank accounts

5.Don’t forget to pay your bills — even the ones in dispute

6.Don’t open new credit cards — even if you’re getting 20% off

7.Don’t accept a cash gift without filing the proper “gift” paperwork

8.Don’t make random, undocumented deposits into your bank account

And that’s it.

For example, if your car lease is expiring, you have to do what you have to do. Renew the lease. Before doing it, though, check with your loan officer — spreading your lease over 60 or 72 months may be better for your debt-to-income (DTI) ratio.
The same goes for accepting cash gifts from parents.

There’s a right way and a wrong way to accept a cash gift for a purchase and if you do it the “wrong way”, your lender may disallow the gift and deny the loan.

These are just 8 things that could sabotage your loan. There are more, of course, and Mortgage Solutions of Georgia will help you identify them.

And that’s it.

Call us if you have any questions about the above “Deadly Sins”! 770.924.1111

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