The mortgage process is a lot more rigorous today than it was in the past. There are numerous checks you have to get through on your way to closing. Once you become approved, it is not guaranteed you stay that way.
Changes you make to your financial profile can quickly get your home loan un-approved. These suggestions may seem obvious to most consumers but our real world experiences dictate otherwise.
Don’t buy a new car or trade-up to a bigger lease
Don’t quit your job to change industries or start a new company
Don’t switch from a salaried job to a heavily-commissioned job
Don’t transfer large sums of money between bank accounts
Don’t forget to pay your bills — even the ones in dispute
Don’t open new credit cards — even if you’re getting 20% off
Don’t accept a cash gift without filing the proper “gift” paperwork
Don’t make random, undocumented deposits into your bank account
Don’t count on using your income to qualify if you’re on maternity leave
Before you make any changes to your financial profile, ask us how it will affect your application!