What not to do when considering to apply for a Home Loan

When applying for a home loan, many factors can have an adverse effect on your ability to be financed. Special circumstances might arise during your transaction.

Before applying, try not to:

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• Omit debts or liabilities from your loan application
• Change your legal name
• Change jobs, quit your job, take unpaid time o , or become self-employed
• Buy any type of vehicle (car, truck, motorcycle, boat, etc.)
• Make major purchases such as furniture or appliances
• Apply for new cell phones
• Excessively use your credit cards
• Let your credit or other accounts fall behind in payments
• Acquire insufficient funds or bank overdraft fees
• Apply for new credit or consolidate credit card balances
• Pay o collections or borrow money
• Deposit large amounts into accounts
• Close or open any asset accounts or transfer funds between accounts
• Change bank accounts or open new accounts
• Co-sign a loan for any party
• Spend money you have saved for your closing costs

With every step of the process, you should consult your Title365 escrow officer, lender, tax attorney or other specialists before proceeding.

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