What not to do during your mortgage approval process
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One thing you need to know is that mortgage approvals can be revoked. Below is a list of things that you should NOT do between your date of application and your date of funding as any one of them could force a revocation of your mortgage approval. Ignorance is not an excuse that any lender will accept. If you have any questions give Martin a call!
**Do not buy a new car or trade-up to a bigger lease **Do not quit your job to change industries or start a new business |
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**Do not switch from a salaried job to a heavily-commissioned job ** Do not transfer large sums of money between bank accounts ** Do not forget to pay your bills even if one is in dispute ** Do not open new credit card accounts ** Do not accept a cash gift without filing the proper gift paperwork ** Do not make random, undocumented deposits into your bank account
It may not work to follow all of these rules if, for example, your car lease expires during this period of time and you simply have to renew the lease. To be safe, check with Martin before doing it, as spreading your lease over 60 or 72 months may actually be better for your debt-to-income ratio.
It may not work to follow all of these rules if, for example, your car lease expires during this period of time and you simply have to renew the lease. To be safe, check with Martin before doing it, as spreading your lease over 60 or 72 months may actually be better for your debt-to-income ratio.