The Seven Don’ts of Mortgage Funding
So, you are preapproved by your lender and are under contract to buy the home of your dreams. As a buyer, you may be thinking about going shopping for other things too. To be safe at this point: Don’t!
Here are seven things not to do to keep your mortgage funded:
1. Don’t change your employment status.
2. Don’t make any major purchases (cars, furniture, home theater, vacations, etc.)
3. Don’t increase your credit card debt or miss any payments.
4. Don’t change bank accounts or make undisclosed large deposits.
5. Don’t apply for a credit car, co-sign a loan or make a credit inquiry.
6. Don’t spend money you have set aside for closing-not any, not ever.
7. Don’t delay in providing all paperwork asked for by the mortgage company.
Keep your loan for your new home secure! Stay confident and close on time for your home!
Shift by Gary Keller with Dave Jenks and Jay Papasan