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Ask the Expert
Top 10 Things to Avoid When Applying for a Mortgage:
By Rick Cirelli
Buying a house is the biggest investment a person makes in his lifetime.
The 30 to 45 days in escrow are probably the most stressful days because there are so many active parts in the transaction that all lead to the dream of homeownership.
Our job as loan officers is to help families get to the finish line, but we need a commitment from the buyers as well.
Here is our list of the top ten things to avoid when applying for a home mortgage:
1. Do not change jobs, become self-employed or quit your job.
2. Do not buy a car, truck, refrigerator or any other large purchases.
3. Do not use charge cards excessively or let your accounts fall behind.
4. Do not spend money you have set aside for closing.
5. Do not change bank accounts or move money around between accounts.
6. Do not stop making your mortgage payments while waiting for your refinance to go through.
7. Do not make large deposits without checking with your loan officer.
8. Do not let any other entity pull your credit until our loan closes.
9. Ensure that the application is completed fully, accurately and honestly.
10. Don’t keep my name a secret once your loan closes.
If you avoid engaging in one through nine, you will be a homeowner in no time, and the road to get there will be a lot less bumpy.
Local mortgage broker Rick Cirelli runs RTC Mortgage.
