Watch Out for These Slip-Ups After You've Applied for Your Mortgage!

Watch Out for These Slip-Ups After You've Applied for Your Mortgage!

Alright, so you're all jazzed up about snagging that new home, right? You're probably already dreaming about what color to paint the walls or where to put your comfiest couch. But hold your horses! There's some crucial stuff you need to keep in mind between applying for that mortgage and sealing the deal. Let me break it down for you:

1. Keep That Cash Outta Your Account for Now Listen up, cash is a tricky beast for lenders to trace. So, if you're thinking about dumping a big pile of cash into your accounts, you might want to hit pause and chat with your loan officer about the right way to document those dollars.

2. Hold Off on Big Buys This isn't just about not buying stuff for your new pad. Any hefty purchase could throw a wrench in your loan approval. More debt means a higher debt-to-income ratio, and that's a red flag for lenders. So, whether it's a fancy new TV or a plush sofa, just resist the urge.

3. No Cosigning – Seriously, Just Don't Cosigning a loan? That's a no-go. It basically means you're on the hook for that loan, and that bumps up your debt-to-income ratio. Lenders will count that against you, even if you swear you're not the one coughing up the cash.

4. Stick with Your Bank Account Lenders like stability, and swapping bank accounts doesn't spell 'stable.' Before you think about moving your money, have a word with your loan officer.

5. New Credit? Think Again Whether it's a shiny new credit card or a slick ride, applying for new credit can ding your FICO® score. A lower score can mess with your interest rate or even your chances of getting that loan.

6. Keep Those Accounts Open Closing credit accounts can backfire big time. It's not just about your payment history; it's also about how long you've had credit and how much of it you're using. Closing accounts can negatively impact both.

7. Spill the Beans to Your Lender Got any changes coming up? Talk to your lender. Changes in income, assets, or credit should be tackled head-on to keep your loan approval on track. Even job changes matter, so keep your lender in the loop.

Bottom Line: Keep It Smooth You want your home purchase to be as smooth as a fresh jar of peanut butter. So, before you go making big financial moves or life changes, have a chat with your lender. They're the pros who can guide you on how your decisions might affect your home loan. And remember, folks, I'm always here to help you navigate this wild world of real estate. Shoot me a message at adamgillespie303@gmail.com or call 720-650-7794 for any real estate needs or advice. Let's make your home dreams come true! 🏡💼🔑