Consistency is the name of the game after applying for a mortgage. Be sure to discuss any changes in income, assets, or credit with your lender, so you don’t jeopardize your application. There are a few things that should be avoided.
Don't apply for new credit, don't get a new credit card and don’t apply for any loans or lines of credit in the meantime (no matter what the mortgage company tells you).
Don't make any large purchases until you've closed on your mortgage. That means if you're buying a car or any expensive item, wait until after the close date on your mortgage to do so. Don't buy anything big that has an appreciating value and can be financed with a loan. You also shouldn't buy anything that would bring up your debt-to-income ratio or put pressure on other financial obligations (e.g., credit cards).
If you deposit cash into your bank account before speaking with your lender, there's a chance that they'll reject your application because they won't be able to verify where the money came from. They might also ask for additional information about who gave it and when it was given (which could take days).
If this happens, don't panic! You can still get approved for the mortgage even if there was an issue with verifying where the funds came from.
Don't co-sign other loans for anyone.
If you're in a relationship with someone and they want a loan, it's fine to help them out by giving them a second mortgage on their house or helping them get another credit card. But if the person isn't making any payments on his or her own loans, then he or she shouldn't be taking one out in your name as well!
If you change banks, it's important to notify your lender. Lenders require 60 day history to check that the down payment funds have been in your account for atleast 2 months.
If you're changing credit cards, this needs to be done as well. Your lender may require proof that a new card has been issued before authorizing an increase in credit limits on existing debts—or even prior approval from another institution before adding one more line of credit (which could lead them asking questions about everything else).
If you're worried about your credit score, the best thing to do is find out what exactly is weighing against you and then work on fixing those problems. The more information you have at hand, the better equipped you'll be when it comes time to apply for a mortgage or refinance. And remember: even if someone else has already started down this path, don't let yourself get discouraged! There are plenty of options out there that can help make things easier on yourself...
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