While in the process of obtaining a mortgage, please do not buy a car or anything else on credit. Why? The bank is willing to lend you money to purchase a home, based on several criterias. They calculate your ability to pay it back using your credit score, income, debt to income ratio and more. Any additional credit obligations will skewed the numbers. Obviously, if you have significant income and you are obtaining a small mortgage, there will not be any drop in the formula that is used by the lender. However, regular hard working people may not be in that same position. So please do not engage in any activities that will prevent you from obtaing a mortgage. Below are 9 other crazy things that can put the brakes on you buying your dream home.
1. Do not change jobs.
2. Do not max out your credit cards and/or fall behind on your payments.
3. Do not spend the funds you need at settlement.
4.Do not lie on your mortgage application, or omit debts and liabilties.
5. Do not buy furniture on credit.
6. Do not have any credit inquires.
7. Do not make any large deposits into your bank accounts.
8. Do not change bank accounts.
9. Do not co-sign a loan for anyone.
You can do it!
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