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:
- Do not omit debts or other liabilities from your loan application.
- Do not cause any more inquiries into your credit after you have made the loan application.
- Do not buy furniture or major appliances – not yet! Not until you have taken possession of your new home.
- 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.
- Do not change jobs, become self-employed, or quit your job until you have taken possession of your new home.
- Do not charge your credit cards excessively or let your accounts fall behind.
- Do not spend the money you have set aside for your downpayment or for closing costs.
- Do not make large deposits without checking with your mortgage agent first.
- Do not change bank accounts or move large amounts of money between accounts.
- Do not co-sign a loan for anyone.
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