It’s Not Final until it’s Final! Don’t Jeopardize Your Loan Approval: Home Buying – Ventura Real Estate

by Gary and Lisa Schoeffler on April 4, 2011

in Buyers, First Time Home Buyer

Good behavior matters.

With that in mind, here are 8 things you should absolutely not do between the date of application and the date of funding.  I’ve been doing this long enough that I can say with certainty: Ignore these rules at your own peril.

Bad Mortgage Behavior, Defined

  1. Don’t buy a new car or trade-up to a bigger lease
  2. Don’t quit your job to change industries or start a new company
  3. Don’t switch from a salaried job to a heavily-commissioned job
  4. Don’t transfer large sums of money between bank accounts
  5. Don’t forget to pay your bills — even the ones in dispute
  6. Don’t open new credit cards — even if you’re getting 20% off
  7. Don’t accept a cash gift without filing the proper “gift” paperwork
  8. Don’t make random, undocumented deposits into your bank account

Now, it may be impractical to have follow every rule to the letter.  I know that.  For example, if your car lease is expiring,  you have to do what you have to do.  But before renewing the lease, check with your loan officer to see if renting a car for the short-term might be a more mortgage-friendly solution instead.

Seems like common sense but as escrows can sometimes drag out for months, in the case of short sales, we continue living our lives and may not realize that some of our “normal” activities can have a negative impact on keeping our loan approval in place. As Ventura Real Estate professionals, we have seen first hand what can happen when these “rules” are broken.

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Post by Gary and Lisa Schoeffler

Gary and Lisa Schoeffler are Ventura Real Estate Professionals specializing in residential real estate. Their expertise in helping both buyers and sellers is widely recognized in Ventura County. How can they assist you today? Wondering what the market is like? Call them, they will be happy to talk with you about it. 805-320-4472

Gary and Lisa has written 371 articles.

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