6 Mortgage Don’ts (when purchasing a property)
- Don’t change your loan type while under contract to purchase a property because you may place your earnest money at risk.
- Don’t make a major purchase or establish a new credit purchase before your mortgage is funded and your home is closed. Doing so could negatively affect your debt-to-income ratio.
- Don’t open or increase, close or pay off, any liabilities, including credit cards, student loans or other lines of credit during the loan underwriting process, without first speaking with your loan officer to inquire if doing so will negatively impact your credit score.
- Don’t open or close any asset accounts (checking or savings) or transfer funds between accounts without speaking with your loan officer about the proper documentation required for your loan. For example, before transferring all funds from your savings to your checking, check with your loan officer.
- Don’t deposit any monies outside of your automated payroll deposits, particularly cash or sale of personal property, without notifying your Loan Officer. Many guidelines require substantial documentation as to the source of these deposits.
- Don’t quit or change your job(s)/employer(s) without inquiring about the impact this change might have on your loan.
If you or someone you know are considering buying or selling real estate on Florida’s Suncoast, please feel free to reach out to me. I am never too busy for your referrals. I live, play and work in Sarasota, Lakewood Ranch, Bradenton, and the surrounding areas. For more useful information follow my Blog at www.DavidMillsRealtor.com/blog or call me at 941.405.3596.