Did you know that there are 12 things that you should not do while getting a mortgage? Yes, 12. We have prepared the list so you know what not to do.
- Don’t quit your job.
- Don’t buy a car.
- Don’t max out your credit cards.
- Don’t get a new line of credit.
- Don’t let your bills go to collections.
- Don’t spend the money you have set aside for closing costs.
- Don’t omit liabilities on your loan application.
- Don’t make large cash deposits without verifying.
- Don’t move money from one account to the next.
- Don’t transfer money from one bank to another.
- Don’t switch banks.
- Don’t cosign a loan for anybody else.
While some of these may sound silly or obvious, you would be surprised by what can and does happen. We hope that you can learn from other people’s mistakes.
If you have any additional questions or have another topic that you would like us to talk about, please feel free to contact us. And, as always, if you have any buying or selling needs, please reach out to us. We would be happy to help.