10 Things Not To Do When Applying For A Mortgage

Mortgage and Lending with Guaranteed Rate NMLS ID: 21441

Do not change jobs or become self-employed .
Do not buy a car, truck or van.
Do not use your credit cards more than usual or make your payment late.
Do not spend the money you have saved.
Do not buy furniture before you buy your house.
Do not originate any new inquiries on your credit report.
Do not make any large deposits into your bank account.
Do not change bank accounts.
Do not co-sign for anyone.
Do not purchase ANYTHING until after the closing.



In most cases the items above will not ruin your chances of obtaining financing, however, it will make the process longer, and you may have to submit additional documentation.


Comments (7)

Scott Nowling
Prudential Starck - Saint Charles, IL
Prudential Starck

Thanks for the heads up Rich.  Funny to have the code in there.  Makes you think!

Feb 04, 2013 09:28 AM
Rich Hirsch
Guaranteed Rate - Short Hills, NJ
VP of Mortgage Lending

Working on removing it. Thanks!

Feb 04, 2013 09:33 AM
Ralph Janisch ABR CRS Broker
Janisch & Co. - Conroe, TX
Selling Northwest Houston to good people like you!

Always sound advice to follow these rules.  But, sometimes people ignore our advice and buy those things anyway.

Feb 04, 2013 09:34 AM
Dan Mincher, CCIM
The Vollman Company, Inc. - Sacramento, CA
Sacramento Commercial Real Estate

#11 - do not get married or diivorced

Feb 04, 2013 12:55 PM
Rich Hirsch
Guaranteed Rate - Short Hills, NJ
VP of Mortgage Lending

That can muddy the waters.

Feb 05, 2013 03:20 AM
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

It amazes me how many of these things are not considered by a buyer. . . and then I realize it's because they are never told.  THis is a great list that we can all use to share with our Buyers.  I am going to reblog this now!  Thanks Rich.

Feb 13, 2013 10:34 AM
Mike Warren
Real Estate - Colorado Springs, CO

Great list, Rich. Good luck and more success!

Feb 13, 2013 05:09 PM