Minneapolis, MN: If you are in the process of, or about to be buying a home, there are many DO NOT DO items that can unintentionally turn your mortgage loan pre-approval unto a loan denial. Some may make sense, like don't quit your job during the process, but the number of people who actually do is surprising, so understanding some of the major DO NOT DO items is important.
If you want to change job, but a new car, buy furniture for the new home, just be patient; there will always be time after closing.
WHAT NOT TO DO
Do NOT have new credit pulled
Do NOT take out any new credit of any kind (including furniture)
Do NOT buy a car, truck, or van (or you may be living in it)
Do NOT increase the balances on your credit cards. You can use them, just don't add large amounts
Do NOT spend any of your down payment money
Do NOT move money around accounts, or make any large deposits
Do NOT change bank accounts
Do NOT sell property (cars, motorcycles) without getting a bill of sale, a copy of the cashiers check, and title transfer
Do NOT cosign any loan for anyone
Do NOT change or quit your job
If you are thinking of doing any of these Do Not items, please consult your Loan Officer FIRST to see how it may or may not effect your loan approval. You don't want to accidently get denied.
Joe Metzler is a 25+ year verteran Loan Officer for Cambria Mortgage, who lends in Minnesota, Wisconsin, Iowa, South Dakota, North Dakota, COlorado, Texas, and Florida.
Call (651) 552-3681, or just apply online.