WHAT NOT TO DO

Before Your Mortgage Funds

 Everyone is an expert at telling you what to do when you’re purchasing a home or shopping for a mortgage.  Have you ever considered what not to do might be equally important?

 One of the roles a professional mortgage consultant is to do everything they can to ensure a smooth closing. Here’s a list of things that you might not realize could put your mortgage approval in jeopardy as well as have serious consequences relative to the funding of your mortgage and/or your home.

• Don’t quit your job
• Don’t Do anything to reduce your income;
• Don’t change the status of your employment from full-time to part-time;
• Don’t neglect to discuss if you are still on probabtion work
• Don’t forget to tell your mortgage consultant if you are         currently on maternity or parental leave (or if you will be in the very near future);
• Don’t forget to disclose if you are currently on short-term or long-term disability;
• Don’t apply for new credit cards or loans;
• Don’t open a “don’t pay for a year” account;
• Don’t close accounts that have zero balances;
• Don’t guarantee or co-sign a loan or mortgage for anyone else;
• Don’t stop paying your bills (including your current mortgage);
• Don’t try to “fix” or improve your credit (without first discussing your strategy with your mortgage consultant);
• Don’t pack documents that may be required to verify income or down payment;
• Don’t make large deposits to your bank account (unless you’re prepared to provide an explanation with supporting documentation);
• Don’t spend part (or all) of your down payment on other things;
• Don’t let the value of your investments slip below the amount you need to “close the deal”;
• Don’t wait until the last minute to provide proof of your down payment;
• Don’t forget to ask your lawyer or  notary about property tax adjustments;
• Don’t forget that a car lease payment is a monthly financial obligation (your mortgage consultant needs to know about);
• Don’t forget to disclose any student loans (even if repayment hasn’t started yet);
• Don’t neglect to disclose any credit problems you may have experienced in the past;

• Don’t neglect to satisfy all outstanding conditions of your mortgage approval;
• Don’t wait until the last minute to arrange for property (fire) insurance;
• And most importantly…Do keep your mortgage consultant fully informed.

Mortgage Intelligence