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Five Things to Avoid After You Apply for a Mortgage
July 19, 2021 | Posted by: Marc Crossman
Once you've completed your mortgage application, there are a number of action items that you should avoid so that you don't jeopardize your application.
1. Don't Quit Your Job. Your mortgage loan approval depends on your income. If you quit your job while in the loan process, this might raise a red flag.
2. Don't Deposit Cash. Talk to your lender before making cash deposits. After all, cash is difficult to trace, which can cause a problem with the review of your financial documentation.
3. Don't Close Bank Accounts. In the same way, closing or changing bank accounts makes tracking your assets difficult to do.
4. Don't Make Large Purchases. Are you thinking of buying a new car or furniture for your future home? Adding new debt while in the loan process might affect your qualification.
5. Don't Skip Payments. Late or missed payments negatively impact your credit score, which can threaten the approval of your mortgage.
If you have any questions about the loan application process, we're always here to help. Let's get you into your dream home! Call us at 780 710 3888 or email marc@albertamortgagepros.ca
