7things

7things, Real Estate Investment & Financement Manuals

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7 Things You Should NOT Do When Applying
For A Home Loan!
This free report is brought to you by:
Greg Schueler
www.idohomeloans.net
www.refinancemyhomemortgage.com
Important Notice
If you have family members, friends or work associates that you feel would
benefit from this report, please feel free to pass it on. You could also tell them to
visit our web site
www.idohomeloans.net
to receive their own personal copy.
Also, if you have any questions or concerns along the way, feel free to email us
at
greg@idohomeloans.net
. Remember, we are here to help you receive the
results you want when applying for a home loan.
Important Contact Information
Mortgage Broker:
Greg Schueler
Gordon Lending Corporation*
1333 N. Buffalo Suite #120
Las Vegas, NV 89128
Office # 1-866-296-1717
/ Fax # 1-702-363-6416
Email:
greg@idohomeloans.net
MB#04610
*Interest rates and programs are subject to change and may vary from state to state and
for different credit qualifications. Some restrictions may apply. All rights reserved.
Gordon Lending Corporation (MBR#04610) is not affiliated with this report. Equal Housing
Lender.
Here is a list of 7 things that should be avoided when you are about
to apply for a home loan. Proceed with caution and consult with your
Mortgage Loan Officer with any questions or concerns.
1)
Don’t buy or lease an automobile.
Buying a new car poses two
problems. Auto dealers will run your credit (sometimes several times)
placing inquiries on your credit report, and possibly lowering your credit
score significantly. Also, Lenders look closely on your Debt-To-Income
ratio. Adding a large car payment to your ratio can prevent you from
qualifying for a home loan or change the terms of the loan to an
unfavorable situation.
2)
Don’t change jobs (Or quit).
A new job may create a “probation” period
that could take some time to satisfy before your new job’s income can be
considered for qualifying. There are also sometimes 3-4 days after
signing your loan papers before the loan will actually “fund” and finalize.
Lenders will usually verify employment before cutting the final check.
3)
Don’t buy new furniture or major appliances for your “new home”.
If
you are financing these new items, as in the auto loan above, you can
alter your Debt-To-Income ratio that may prevent qualifying for the terms
you wanted on your home loan. If paying with cash, your “reserves” may
be depleted. Some loans require a certain amount of cash “reserves” to
qualify.
4)
Don’t move assets from one bank account to another.
These transfers
show up as new deposits and complicate the application process, s you
must then disclose and document the source of funds for each new
account. The lender can verify each account as it currently exists. You can
consolidate or transfer funds after the closing of your new loan.
5)
Don’t attempt to consolidate bills before speaking with your lender.
Your loan officer can evaluate your scenario first and advise if this needs
to be done.
6)
Don’t run a credit report on yourself.
If done improperly, this will result
as an inquiry on your credit report. Most recent inquiries need a written
explanation to your Mortgage Lender and may affect your score.
7)
Don’t pack or ship information needed for the loan application.
Important paperwork such as pay stubs, W-2’s, bank statements, tax
returns, divorce decrees…etc, should not be packed with your household
items while you are packing to move out of your old house. Keep these
separate for easy access during the application process.
If you do any of these things, please contact your Loan Officer. Even if you have been pre-
qualified, you may need to re-qualify. Remember, we are here to help you; so full, early
disclosure will help us help you.
Greg Schueler –
www.idohomeloans.net
–
greg@idohomeloans.net
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