Have you recently applied for a mortgage? If so, follow these simple tips to ensure a smooth home buying process.
After you’ve applied for a mortgage, don’t deposit large sums of cash without talking to your loan officer first. Large deposits can be difficult to trace, and lenders may consider this a red flag.
Don’t make any large purchases, and don’t co-sign loans for anyone else. Both of these things can increase your debt-to-income ratio.
Don’t switch bank accounts. Lenders need to be able to track your assets, so it’s essential to keep your finances consistent.
Don’t apply for new credit, and don’t close any accounts. Either move can impact your credit score, which can affect your mortgage rate and loan approval.
And finally, check with your lender before making any big financial decisions.
If you’re in the process of buying a home, lean on the pros, contact us today, let us provide you with expert guidance along the way.