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10 Mortgage No-No's When Buying a Home

Real Estate Agent with Kings Realty & Property Mgmt.

10 Mortgage No-No's When Buying a Home
Photo credit: Maks Karochkin / Foter / CC BY

Great, you've made the decision to buy a home. Now is the time to get a mortgage pre-approval (not a pre-qualification) and start getting your finances together. If you break any of the rules below, your chances of getting a mortgage will decrease dramatically!

  1. Do not change jobs, quit your job or start your own business.
  2. Do not buy a new vehicle.
  3. Do not use charge cards excessively or let your accounts fall behind (try to keep your available credit balances under 50%).
  4. Do not spend and money that you have set aside for closing.
  5. Do not omit debts or liabilities from your loan application. They will be found and the lender will view you as untrustworthy.
  6. Do not buy any furniture, appliances or any other large items. I know you are excited about the new home but wait to purchase items for it until after the closing.
  7. Do not apply for any new credit. This creates inquiries into your credit. So no new credit cards, car loans etc.
  8. Do not make large deposits without first checking with your mortgage loan originator (you will need a paper trail of the money).
  9. Do not change bank accounts.
  10. Do not co-sign a loan for anyone.

I know these sound simple but you would be amazed at how many home buyers make some of these mistakes and it costs them the home of their dreams. 

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About the author

The above real estate article “10 Quick Mortgage No-No's When Buying a Home”  was written by Jeff Gould. Jeff is a top selling, nationally recognized Florida REALTOR® and local FishHawk Ranch real estate expert. You will find him selling homes in the Tampa Bay, Florida and surrounding areas. Some of those areas include FishHawk, Lithia, Riverview, Valrico, Apollo Beach, Brandon and Tampa.

If you are looking to sell or buy a Tampa Bay area home, Jeff is your local and trusted professional. He can be reached via phone/text at (813) 421-3007 or by email at Jeff@FishHawkRanchRealEstate.net.

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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

You have to KNOW...the no-no's...yes?   Good posting here....

Mar 27, 2015 11:26 PM
John Pusa
Glendale, CA

Jeff - These are valuable tips on mortgage no's when buying a home.

Mar 28, 2015 06:31 AM
Gerald ( Jerry ) Santoro
Bayshore Mortgage Funding - Morganville, NJ
Mortgage Broker/Mortgage Banker

Great post! I am still amazed at the things people do during the mortgage process, or just before applying. Even with guidance, many still think "what's the big deal", and make foolish decisions without asking the advice of the Real Estate professionals they are working with.

The stories I could tell you.......

Mar 28, 2015 11:27 AM
Jeff Gould
Kings Realty & Property Mgmt. - Lithia, FL

Thank you John Pusa.

Mar 28, 2015 10:27 PM
Jeff Gould
Kings Realty & Property Mgmt. - Lithia, FL

Thanks Gerald ( Jerry ) Santoro. I agree, it is amazing sometimes! The worst one I had was the buyer quit her job one week before closing because she did not like the job any more. Ugh! I'm pretty lucky, most buyers listen to the advise.  I do give them a printout!

Mar 28, 2015 10:45 PM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

An excellent list.  I tell people to just freeze their lives until the deal is closed. Just eat, work, sleep period. Well maybe not that extreme but I do put it pretty bold.

Apr 06, 2015 12:43 AM
Jeff Gould
Kings Realty & Property Mgmt. - Lithia, FL

Thanks Gary L. Waters, Broker Owner Waters Realty of Brevard, LLC  I agree with you completely!

Apr 06, 2015 01:07 AM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Jeff, a great list.  I think we've all had buyers who did at least one of these things before closing and either didn't close at all or had their closing delayed because of it. 

Apr 06, 2015 11:00 AM
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

I am going to share this list with my Buyer Team - I also like Gary L. Waters, Broker Owner Waters Realty of Brevard, LLC comments about "freezing" their lives until the deal is closed!


May 09, 2015 11:29 AM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

It is true, plan your purchases but do not buy anything, just yet.

And do remember that you might need few more days( or even weeks) of extension to close escrow. I head that only 20% deals close on time.

Jun 23, 2015 04:28 PM
Gabrielle Kamahele Rhind
KGC Properties LLC, Tucson Property Management & Real Estate - Tucson, AZ

GOOD MORNING JEFF ... we do have to remind folks about these basic things!  It tends to shock them when they find out how much buying a TV can change everything!

Jun 30, 2015 08:22 PM