What to avoid during the mortgage process.

Purchasing a home or refinancing can be an exciting journey, but it's essential to be aware of potential pitfalls along the way. In this article, I will explore key things to avoid during the mortgage process, empowering you to make informed choices and ensure a seamless transaction. Here are my top tips to steer clear of common mistakes to achieve your homeownership goals.

1. Avoid changing jobs and report any changes to income ASAP. A job change can result in your loan being denied. Don't think you're safe because you received an approval earlier in the process. The lender will re-verify employment prior to funding the loan.

2. Avoid switching banks or moving your money to another institution. After the lender has verified funds, it should remain in the account until your closing. Any changes will require additional documentation that the underwriter will need to verify which could delay closing.

3. Avoid making any large purchases- especially using new credit. A major purchase that is withdrawn from your verified funds or increases your debt can result in not qualifying. A lender may check your credit or re-verify funds that can impact your loan approval.

4. Avoid paying off credit cards or other accounts unless instructed to pay off. If I advise you to pay off a credit card or bill in order to qualify, please do so. Otherwise, leave your accounts the way they are until loan is complete.

5. Avoid applying for new credit or opening new accounts. Applying for new credit could lower your credit score and potentially increase your debt to income ratios. Don't open new credit accounts/loans as they could impact your loan approval.

6. Avoid depositing cash into bank accounts. All monies used for the mortgage transaction will be verified. Cash or "mattress money" is difficult to verify since the source of the funds is tough to prove. You won't be able to use any funds that can't be verified.

In conclusion, navigating the mortgage process can be complex, but with the right knowledge and guidance, you can avoid common pitfalls. I am here to support you every step of the way. Please feel free to reach out for advice or assistance, as I am committed to making your transaction as smooth and hassle-free as possible. Together, we can ensure a seamless mortgage experience.