Find answers to our Frequently Asked Questions.
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Posted February 4, 2017

Buying a home is a long process – sometimes taking months. Once you complete the application and begin the mortgage process, it’s important to keep your finances as similar as possible until closing. While you’re waiting to close, follow this advice to limit any bumps in the road.

  1. Don’t change employers, quit your job, or become self-employed when you are applying for a home loan.
  2. Don’t take on additional long-term debt, such as buying a car or furniture for your new home. Additional financing will increase your debt-to-income ratio.
  3. Don’t increase your use of credit cards or fall behind on any payments.
  4. Don’t change financial institutions. You want to show stable banking history.
  5. Don’t spend down your savings or investment accounts.
  6. Don’t make large deposits into your accounts. Money for your down payment should be in your account for at least two months.
  7. Don’t neglect any debts or liabilities or misrepresent your income on your loan application.
  8. Don’t apply for new credit or open new lines of credit, including new credit cards.
  9. Don’t co-sign a loan for anyone during this time.

In general, don’t do anything that will have a significant impact on your finances without first consulting your Mortgage Loan Officer.

When you’re going through the mortgage process, it’s important to keep your finances steady and similar to what you’ve included on your application. Any changes – good or bad – can extend the mortgage timeline and possibly keep you from getting your dream home.