10 Things You Should Never Do During the Loan Process

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So you’ve found the perfect home and now your lender is helping you through the loan process. You’ve probably heard over and over from the loan officer about a number of things you should not do, but it’s true! The following items can dramatically alter your credit score or debt to income ratio, which can prevent you from closing on your new home.

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Here is a list of the top 10 things you should not do during the home loan process:

  1. Do not change jobs, become self-employed, or quit your job.
  2. Do not buy a car, truck, or van.
  3. Do not use your credit cards or let payments fall behind.
  4. Do not spend the money you have saved for your down payment.
  5. Do not buy furniture or appliances for your new home.
  6. Do not apply for new credit.
  7. Do not make large deposits into your bank account.
  8. Do not change bank accounts.
  9. Do not co-sign a loan for anyone.
  10. Do not purchase anything until way after your loan has closed.

Have any questions about homeownership or the home loan process? Get in contact with Summit here.