Key Things to Avoid After Applying for a Mortgage
In order to avoid jeopardizing your loan approval, here are a few things to keep in mind:
1. Don't deposit cash into your bank account. Your lender needs to properly source your income, and cash is difficult to trace.
2. Don't change bank accounts or close any credit accounts. Consistency is key. Sourcing and tracking assets is much easier when there aren't post-approval changes. Keeping the same accounts open will also show length and depth of credit history.
3. Don't make any large purchases. Avoid higher debt-to-income ratios, which may cause disqualification of your loan.
4. Don't co-sign a loan. That obligation can also come with higher ratios. Your lender will have to count the payments against you, which makes for a riskier loan.
5. Don't apply for new credit. Running your credit will impact your score. Lower scores may increase your interest rate and eligibility for a loan.
Call our team at (803) 549-5322 for more information!