Six Things Not to Do When Applying for a Mortgage

Real Estate

A loan is not complete until you sign your closing papers. There are certain things you can do that could jeopardize your loan status and delay closing or cause you not to be able to close. To be safe, follow the advice below and always check with your lender.

1) Do not make major purchases like furniture, appliances, jewelry, vehicles or vacations

2) Don't run up a home equity line of credit: A home equity line of credit works like a credit card, and many of the same rules apply

3) Don't change or quit you job

4) Consult with your mortgage professional before withdrawing, depositing or moving large amounts of money in or out of your bank account

5) Do not pay off debts or collections (unless instructed to do so by a mortgageĀ professional

6) Don't have your credit report pulled too many times - this can hurt your credit score