When you are in the process of buying a home, or are planning to buy a home in the near future, it’s important to keep in mind some things that may have a negative impact on your financial situation.
When applying for a home loan, there some do’s and don’ts that can cause problems with your loan.
Do’s and Don’ts when Applying for a Loan.
- Don’t make changes to your credit:
- Don’t open any new loan or credit accounts.
- Make all credit payments and keep your credit balances as they are.
- Avoid new accounts such as fitness or workout gyms and cell phone accounts.
- Don’t close accounts, or transfer or consolidate credit balances.
- Avoid spending
- Don’t make large purchases such as furniture, boats, cars, jewelry or home improvement.
- Bank account
- Don’t make unusual deposits into your bank account.
- Don’t overdraw your bank account
- Speak with us before transferring money between accounts, including gifts from family members.
- Elective medical procedures
- While you should get any necessary medical treatment recommended by your doctors, avoid starting new elective procedures such as cosmetic surgery or braces for your kid.
Any questions about the topics covered in this video? Schedule an appointment to discuss your mortgage at our Coeur d’Alene mortgage loan office by filling out this form: