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The Heart N Home Team


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WHAT NOT TO DO

 

Before Your Mortgage Funds

 

Everyone is an expert at telling you what to do when you’re purchasing a home or shopping for a mortgage.  Have you ever considered what not to do might be equally important?

One of the roles a professional mortgage consultant is to do everything they can to ensure a smooth closing. Here’s a list of things that you might not realize could put your mortgage approval in jeopardy as well as have serious consequences relative to the funding of your mortgage and/or your home.

  • Don’t quit your job
  • Don’t Do anything to reduce your income;
  • Don’t change the status of your employment from full-time to part-time;
  • Don’t neglect to discuss if you are still on probation work
  • Don’t forget to tell your mortgage consultant if you are currently on maternity or parental leave (or if you will be in the very near future);
  • Don’t forget to disclose if you are currently on short-term or long-term disability;
  • Don’t apply for new credit cards or loans;
  • Don’t open a “don’t pay for a year” account;
  • Don’t close accounts that have zero balances;
  • Don’t guarantee or co-sign a loan or mortgage for anyone else;
  • Don’t stop paying your bills (including your current mortgage);
  • Don’t try to “fix” or improve your credit (without first discussing your strategy with your mortgage consultant);
  • Don’t pack documents that may be required to verify income or down payment;
  • Don’t make large deposits to your bank account (unless you’re prepared to provide an explanation with supporting documentation);
  • Don’t spend part (or all) of your down payment on other things;
  • Don’t let the value of your investments slip below the amount you need to “close the deal”;
  • Don’t wait until the last minute to provide proof of your down payment;
  • Don’t forget to ask your lawyer or  notary about property tax adjustments;
  • Don’t forget that a car lease payment is a monthly financial obligation (your mortgage consultant needs to know about);
  • Don’t forget to disclose any student loans (even if repayment hasn’t started yet);
  • Don’t neglect to disclose any credit problems you may have experienced in the past;
  • Don’t neglect to satisfy all outstanding conditions of your mortgage approval;
  • Don’t wait until the last minute to arrange for property (fire) insurance;
  • And most importantly…Do keep your mortgage consultant fully informed.

Mortgage Intelligence

 

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