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Monday, May 7, 2012

What NOT to do if you are trying to qualify for a loan

Yes, banks are lending again but I've earned some bumps and bruises over the past several months while trying to help clients finance homes through various lending institutions.  There are some definite things to avoid if you are trying to qualify for a loan in today's market.

1. DO NOT pay off bills - Wait for instructions from your lender, (who will advise you on the best strategy to help you qualify).

2. DO NOT make major purchases - Any addition to your monthly bills can have an impact on your ability to qualify.

3. DO NOT change jobs - Any change to line of work, salary or location can have a negative impact.

4. DO NOT move your money - Wait until after your purchase has closed to move money between banks,  or even accounts within a bank.

Because similar situations have wreaked havoc on my own personal deals, this excerpt from an imortgage publication caught my eye.

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