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8 Things Not to do while Applying for a Mortgage
DO NOT BE LATE ON PAYING BILLS. Pay all bills in a timely fashion
DO NOT ESTABLISH ANY NEW CREDIT AT THIS TIME. Establishing new credit, or having your credit run will result in delays and detailed explanations as to the reason for the inquiry or new account being established.
DO NOT MOVE MONIES AROUND, as ALL deposits over $1,000 that are not payroll will need to be sourced. If you need to, keep a detailed paper trail.
DO NOT MAKE ANY INCOME OR JOB CHANGES now. If you do, make sure you notify your lender of any income or job changes. Every lender verifies this information 3 days prior to closing.
DO NOT OPEN NEW BANK ACCOUNTS. This will result in delays due to the banks statement cycle.
DO NOT WAIT TO START GETTING INSURANCE QUOTES. Get this done early in the process to avoid scrambling the week of closing.
DO NOT WAIT TO ADVISE YOUR LENDER IF YOU WILL BE RECEIVING ANY SELLER CONCESSIONS. Proper steps can be taken in underwriting, but if you wait, it could delay your closing.
DO NOT WAIT TO SHARE ALL THE IMPORTANT DATE CHANGES WITH YOUR LENDER. i.e., Commitment & Closing dates.