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) 710-3330
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!"

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