Four Things To Avoid During The Application Process

While there are several things that you'll want to be careful of while getting a loan, below are the four main things that we recommend avoiding to ensure that your loan request is handled smoothly. You can also download this free eBook for more detailed information:

1. Do not change your job

If you change your job before (or during) the mortgage process it can create numerous problems in getting your loan approved. This is especially troublesome if you move to a job that is in a different line of work. Additionally, you may be subject to a probationary period or your pay rate may be different, especially if you are going from standard salary to something that is commission-driven.

2. Do not make large deposits, change banks or move money around unnecessarily

Unless you check with us first or we ask you to do so, you should leave your money alone until your mortgage has closed. It’s important for us to be able to document your assets (cash and other investments) and that becomes difficult if it’s being moved around or transferred between financial institutions. It’s important that we are able to verify you will have sufficient funds to close and need to be able to document the sources of where they came from.

3. Do not take on any new debt

While daily credit card transactions are ok, it’s never a good idea to make any major purchases and put them on credit while you are applying for a mortgage. Even the special delayed payment plans (like six-months same as cash) are considered debt and will show up on your credit report. Too many of these on your record and it may delay, or even prohibit, your loan from being approved.

4. Do not pay off your bills

While you may think you’re doing a good thing, paying off debt while in the application/approval process can cause problems if it’s not documented properly. If you want to pay off some of your bills, it’s advisable to check with your Mortgage Consultant first. They will let you know the best way to pay off your debt and ensure that it’s documented.

If you feel you must do any of the above items, please discuss it with your Mortgage Consultant as soon as possible so he or she can plan accordingly. If you're ready to get started, you can get going with our online mortgage application right now.