Thursday, January 3, 2013

MORTGAGE & FINANCE: 16 Things NOT TO DO While in the Process of Obtaining Home Financing

You can unknowingly sabotage your home financing goals by making some obvious and not-so-obvious moves with your finances. Check out the list below to see if you know the top 16 things not to do when you are in the process of buying or refinancing. Do not: 

1. Leave an existing job for any reason 
2. Open new bank accounts 
3. Close existing bank accounts 
4. Deposit funds over $300 into a bank account* 
5. Transfer money between accounts, unless receiving complete documentation from your bank, itemizing all transfers 
6. Allow your bank statements to go into a negative balance, even if you have overdraft protection 
7. Buy new furniture, a car, or make any other major purchase* 
 8. Shop for furniture, a new car, or any major items, which may result in your credit being run 
9. Apply for any new credit 
10. Inquire about new credit or better rates on existing credit 
11. Co-sign on any debt with a family member or anyone else 
12. Ask a tenant to move out, or give your landlord notice that you are moving out* 
13. Stop paying credit card debt 
14. Stop paying any bills 
15. Pay a bill in collections. If about to pay a bill in collections from a collection agency, try to pay it at closing** 
16. Have a friend or family member pay for anything related to the purchase of the home (appraisal, earnest money, down payment, etc), since gifts are only allowed under certain

Contact me before you start your home financing process. I can answer your questions and provide advice on how to prepare for a smooth and successful loan closing

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