Get free access to our world class MLS search tools, save your favorite listings, create saved searches & much more!

Top 11 Things NOT TO DO When Getting a Mortgage

Posted by Mastura Zaini-Roberts on Wednesday, February 26th, 2014 at 4:53pm.

Things not to do when getting a mortgage loan in Las VegasYou can unknowingly sabotage your home financing goals by making some obvious and not-so-obvious moves with your finances.  Check out the list below to see if you know the top 10 things NOT to do when you are in the process of buying a home or refinancing.

Do Not:

  1. Transfer money between accounts, unless receiving complete documentation from your bank, itemizing all transfers.
  2. Make unnecessary checking or savings account transactions, such as withdrawals or deposits
  3. Leave an existing job - changing jobs may mean you don't have an appropriate work history, especially if you change fields of employment as well.
  4. Allow your bank accounts to go into a negative balance, even if you have overdraft protection
  5. Apply for credit in any form, including credit for major purchases (such as a car or furniture), or apply for credit to consolidate or change existing credit
  6. Co-sign on any debt with a family member or anyone else. Even if you are not making the payments, it will affect your debt to income ratio.
  7. Ask a tenant to move out, or give your landlord notice that you are moving out
  8. Delay paying all debts on time
  9. Pay a bill in collections.  If about to pay a bill in collections from a collection agency, try to pay it at closing
  10. Have a friend or family member pay for anything related to the purchase of the home (appraisal, earnest money, down payment, etc.), since gifts are only allowed under certain guidelines.
  11. Don't lie on your loan application. Even though that sounds obvious, if you neglect to mention a debt or liability or over report your income, it's considered fraud.

For information on hard money loans in Las Vegas, call us at 702-985-7654.

Mastura Roberts
(702) 919-5400
offers@greatlasvegashomes.com

Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052

With over 30 years of experience helping families call Las Vegas "home!"



Related Blog Posts

Existing-home sales poised for decade high this year

Existing-home sales are poised to see their best year in a decade, but low supply and affordability still threaten to keep the homeownership rate down, according to the National Association of Realtors.Lawrence Yun, chief economist for the NAR, recently presented his 2017 midyear forecast. According to Yun, the first q...

Agents sell homes for more than FSBOs: study

Contradicting previous research, new study finds FSBOs sell at discount   Key Takeaways Agents tend to achieve higher sales prices for properties than comparable FSBO listings, enough to offset their commission fee, according to a recent analysis. Academic research has often cast dou...

Culture Comes to Las Vegas with a Bang!

The mission statement of the new Smith Center for the Performing Arts in Las Vegas reads: “To build and establish a high quality performing arts center that is embraced by the community and recognized as a vital force by supporting artistic excellence, education and inspiration for all.” Well, mission accomplished!...

7 reasons to list your home this holiday season

Every year at this time, many homeowners decide to wait until after the holidays to put their homes on the market for the first time, while others who already have their homes on the market decide to take them off until after the holidays. Here are seven great reasons not to wait: 1. Relocation buyers are out there....

August 2017 Las Vegas Market Report -- Important Stats and Trends

  Through July 2017, the Southern Nevada resale housing market continued to trend in a positive direction.   Prices edged up further (+10.2 percent), closing volumes jumped from the prior year (+10.8 percent) and effective availability remained limited (1.8 months).     The overall condomi...

Leave a Comment

Have a Question?

Contact Us

Follow Us