Do not deposit large amounts in your bank account. Your lender requires verification on this, and the process can be lengthy if you can’t submit documents such as a payment stub, an invoice, or a letter from the gift giver. If you are in this situation always talk to your loan officer for guidance.
Do not keep cash at home that you intend to use in transactions. Skip the hassle of preparing documents for this and keep it safe in your bank account.
Do not open or close a credit card account when you are applying for your home loan. Visa organizations report this to the credit authorities. Doing so can change your credit score or ratio which can affect your creditworthiness. Even if the lender has already pulled your credit, know that the lender does a soft pull at the end before closing, this is called a credit refresh, and any changes you make. will appear.
Do not change jobs after applying. Assuming you need to change occupations, it is suggested that you stand by 30 days in the wake of beginning your new position to apply for your home advance so you can lay out your pay with your loan specialist . You need to show at least one pay stub to initiate the loan process.
Don’t make any major purchases–especially on a credit card–when applying for your loan. Wait to buy big-ticket items like furniture or a new car until closing. Talk to your loan officer if you have such a plan.
Don’t overdraw your checking account. It may sound obvious, but keep an eye on your account balance to avoid this costly mistake. If your lender requests a bank statement from you, it certainly won’t look good if you have overdraft charges because they may think you have insufficient income or are unable to manage your money.
And last but not least, withhold information on the mortgage application. Be open with your loan officer. Was he “forgetting” to disclose past bankruptcy, foreclosure, late mortgage payments, etc. If a financial institution were to find out after submitting an application that you have (intentionally) omitted to come forward with certain information, or have clearly lied about certain points, that you have now completely There is a great shadow of falsehood over everything else that is revealed. More often than not, your mortgage application will be denied, and may even put future applications at risk.