Mistakes To Avoid During The Mortgage Process

When applying for a mortgage, it’s important to avoid the pitfalls that could delay or even stop you from being able to achieve your dream of home Mortgage Process Mistakes to avoidownership.

As you might expect, just about everything related to your finances and credit rating need to be at their best before applying for a mortgage. During the process, you will want to avoid these potential mistakes:

  1. Don’t apply for new credit cards, loans or co-sign a loan for someone else!
  2. Don’t quit your job or even change jobs for that matter during your mortgage application process.
  3. If there is an unavoidable change in your employment status, don’t wait to speak with your loan officer. The sooner the better!
  4. Don’t write any insufficient funds checks! While this is never a good idea, it’s particularly bad when in the process of a mortgage approval.
  5. Be sure to maintain financial transparency – don’t make any deposits that can’t be linked to a reasonable source, for a reasonable purpose.
  6. Don’t make any large withdrawals from your bank accounts – unless they are scheduled payments, or can be shown to be immediately necessary. Replace the funds as soon as possible if a withdrawal is necessary.
  7. Don’t make any changes in your credit card limits, either increases or decreases.

 

If you avoid these potential mistakes, your mortgage application process will run much more smoothly!

Visit our “Home Building Process” page for more information on building a home with Watts Homes & Construction.

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