What not to do after applying for a Mortgage
This is it. After countless hours of online searches and numerous showings, you have found the perfect home and are ready to buy it. As such, you have just applied for a mortgage. In order to make sure you mortgage process goes smoothly, there are a few don’ts you should keep in mind.
Keep your main source of income
After applying for a mortgage, you should not change your source of income. Which means, preferably, keeping the same job. Loan officers need to be able to track your income, in order to make sure you will be able to afford your obligation. For that reason, you should try keeping the same job or at least avoid going freelance or start working on commission at this time.
Stay away from big expenses
This is not the moment to buy a new car or go crazy with the credit card. All your debt is being monitored in order to guarantee your ability to pay your monthly obligations. New debt increases your debt to income ratio. One imprudent purchase may kill your mortgage application. Don’t Blow Your Savings!
Don’t Miss Credit Card, Car Payments, etc
Be sure to make your minimum payments (at least), on all of your debts, before closing date. Of course paying your debts on time is a good habit to get in. Consider putting yourself on auto payments through your bank.
Don’t co-sign loans
After applying for a mortgage, you shouldn’t co-sign any loans. Even if for a close family member or trusted friend. The debt acquired is considered your obligation and, as such, it will be considered when calculating your ratios.
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