Our trusted mortgage advisor, Troy Champ with Jencor, recently shared a list of items of what not to do before your mortgage advances. This would cover the period of time from when you receive pre-approval to when you get the keys for your new home. Most of these items would be common sense, but honesty is always the best policy. If you are unsure if something will affect your mortgage, a quick photo call to your lender should clear things up.
- Don't quit your current job, or do anything to reduce your current income
- Don't change the status of your employment from full-time to part-time
- Don't neglect to inform your lender if you are currently on probation at work
- Don't neglect to inform your lender if you or your partner are currently on parental leave
- Don't neglect to inform your lender if you are currently on short or long term disability
- Don't apply for any credit - loans, credit cards or "don't pay for __ years"
- Don't close accounts with zero balance
- Don't co-sign any loans or mortgages for anyone else
- Don't stop paying your bills, including your current mortgage
- Don't spend any portion of your downpayment, or any other funds you may have set aside for your closing
- Don't pack away and documents that may be required to verify income or down payment
- Don't make large deposits to your bank account without supporting documentation
- Don't change anything on your transaction without notifying your lender, including upgrades
Communication with your lender is very important to ensure a smooth process.
Blog Topics:
Auburn Bay, Homebuying Tips