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Home Loan Mistakes To Avoid
Home loan mistakes can sabotage your home financing goals just by making some obvious and not-so-obvious moves with your finances. As a rule of thumb always ask your lender if you are going to make any financial changes, before you do it. When in doubt just ask. These are the top 16 home loan mistakes to avoid when you are in the process of buying or refinancing:
01
Leave an existing job for any reason
02
Open new bank accounts
03
Make cash deposits into your bank account
04
Buy financed new furniture, a car, or make any other major purchase
05
Allow your bank account to go into a negative balance, even if you have overdraft protection
06
Stop paying credit card debt
07
Shop for furniture, a new car, or any major items, which may result in your credit being run
08
Transfer money between accounts without complete documentation from the bank, itemizing all transfers
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09
Apply for any new credit
10
Close existing bank accounts
11
Inquire about new credit or better rates on existing credit
12
Co-sign on any debt with a family member or anyone else
13
Pay a bill in collections, inform your lender as most times they will have you pay it at closing
14
Stop paying any bills
15
Ask a tenant to move out, or get evicted.
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16
Have friends or family pay for anything related to the purchase (appraisal, deposit, down payment, etc) without asking your lender.
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