{"id":2762,"date":"2022-06-22T14:38:46","date_gmt":"2022-06-22T14:38:46","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=2762"},"modified":"2022-06-22T14:38:46","modified_gmt":"2022-06-22T14:38:46","slug":"things-avoid-applying-home-loan","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/things-avoid-applying-home-loan\/","title":{"rendered":"Things To Avoid After Applying for a Home Loan"},"content":{"rendered":"
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Things To Avoid After Applying for a Home Loan<\/p><\/div>\n

Once you\u2019ve applied for a mortgage to buy a home<\/a>, there are some key things to keep in mind. While it\u2019s exciting to start thinking about moving in and decorating, be careful when it comes to making any big purchases. Here are a few things you may not realize you need to avoid after applying for your home loan.<\/p>\n

Don\u2019t Deposit Large Sums of Cash<\/strong><\/h4>\n

Lenders need to source your money, and cash isn\u2019t easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.<\/p>\n

Don\u2019t Make Any Large Purchases<\/strong><\/h4>\n

It\u2019s not just home-related purchases that could disqualify you from your loan. Any large purchases can be red flags for lenders. People with new debt have higher debt-to-income ratios (how much debt you have compared to your monthly income). Since higher ratios make for riskier loans, borrowers may no longer qualify for their mortgage. Resist the temptation to make any large purchases, even for furniture or appliances.<\/p>\n

Don\u2019t Co-Sign Loans for Anyone<\/strong><\/h4>\n

When you co-sign for a loan, you\u2019re making yourself accountable for that loan\u2019s success and repayment. With that obligation comes higher debt-to-income ratios as well. Even if you promise you won\u2019t be the one making the payments, your lender will have to count the payments against you.<\/p>\n

Don\u2019t Switch Bank Accounts<\/strong><\/h4>\n

Lenders need to source and track your assets. That task is much easier when there\u2019s consistency among your accounts. Before you transfer any money, speak with your loan officer.<\/p>\n

Don\u2019t Apply for New Credit<\/strong><\/h4>\n

It doesn\u2019t matter whether it\u2019s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), it will have an impact on your FICO\u00ae score. Lower credit scores can determine your mortgage interest rate and possibly even your eligibility for approval.<\/p>\n

Don\u2019t Close Any Accounts<\/strong><\/h4>\n

Many buyers believe having less available credit makes them less risky and more likely to be approved. This isn\u2019t true. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those aspects of your score.<\/p>\n

In Short, Consult an Expert <\/strong><\/h4>\n

To sum it up, be upfront about any changes when talking with your lender. Blips in income, assets, or credit should be reviewed and executed in a way that ensures your home loan<\/a> can still be approved. If your job or employment status has changed recently, share that with your lender as well. Ultimately, it\u2019s best to fully disclose and discuss your intentions with your loan officer before you do anything financial in nature.<\/p>\n

Bottom Line<\/strong><\/h3>\n

You want your home purchase<\/a> to go as smoothly as possible. Remember, before you make any large purchases, move your money around, or make any major life changes, be sure to consult your lender \u2013 someone who\u2019s qualified to explain how your financial decisions may impact your home loan.<\/p>\n

Contact us:<\/strong>
\nPHP Houses
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\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
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\nemail:\u00a0info@phphouses.com<\/p>\n

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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.<\/em><\/h5>\n

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Once you\u2019ve applied for a mortgage to buy a home, there are some key things to keep in mind. Here are a few things you may not realize you need to avoid after applying for your home loan. Finish Reading Things To Avoid After Applying for a Home Loan<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36],"tags":[196,38,15,44,18,27,91,56,57,86,52,49,42,40,309,370,308,345,63,20,48,28,47,19,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2762"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=2762"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2762\/revisions"}],"predecessor-version":[{"id":2764,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2762\/revisions\/2764"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=2762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=2762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=2762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}