Four Things to Avoid When Obtaining a Mortgage
- Do not change jobs - Changing jobs just before or during the mortgage process can create numerous problems, especially if that job is in a different line of work; if you are on a 90 day probationary period; or if the style or type of pay you receive is different, such as going from a base salary alone to a salary plus commission.
- Do not change banks, move money, or make large deposits - Unless you receive specific instructions from me, leave your money right where it is until your mortgage is closed. Documenting your assets can be very difficult if you are moving them around. We must be able to verify that you have enough money to close, and exactly where that money came from.
- Do not incur any new debt - Do not make any major credit card purchases or take out any new loans. Even special furniture and appliance accounts such as the "90 days Same as Cash" or the "No Interest or No Payments for 12 Months" are considered debts and can delay or even prevent your mortgage from being approved or closed.
- Do not pay off any bills - I will advise you if it is necessary to pay off any of your debts. I will also instruct you on the best way to pay off a debt to make sure we get the proper documentation in order to verify that is has been paid off in a timely fashion.
If any of the above are unavoidable, please discuss it with me as soon as possible so I can plan accordingly.
