A blog cannot deal with all aspects of a subject and is not intended to replace professional advice. It's purpose is to highlight information and identify areas of possible interest. Anyone wishing to discuss this blog or to make any comments or suggestions about this blog is invited to do so by either posting comments or emailing me directly.

 

 
Back to Blog

It's one of the most disappointing things that a homebuyer can experience: suddenly having their home loan denied because of something they have done in the weeks or maybe even just days before closing.

These are the 10 most costly mistakes to avoid in the process of acquiring financing for a new home. Follow these 10 commandments and the financing process will go smoothly:
  1. Do not omit debts or other liabilities from your loan application.
  2. Do not cause any more inquiries into your credit after you have made the loan application.
  3. Do not buy furniture or major appliances – not yet! Not until you have taken possession of your new home.
  4. Do not buy or lease a car, truck or SUV before you take possession of your new home -- or you might be living in it.
  5. Do not change jobs, become self-employed, or quit your job until you have taken possession of your new home.
  6. Do not charge your credit cards excessively or let your accounts fall behind.
  7. Do not spend the money you have set aside for your downpayment or for closing costs.
  8. Do not make large deposits without checking with your mortgage agent first.
  9. Do not change bank accounts or move large amounts of money between accounts.
  10. Do not co-sign a loan for anyone.

Comments

No comments

Post Your Comment:

Data supplied by CREB®’s MLS ® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.