What not to do when applying for a loan

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What's more fun than buying a bunch of new stuff to go in your future home? Nothing. But buying big ticket items before your loan closes could be trouble. Keep in mind that until you get the keys, your lender is watching your finances very closely. Below you'll find a list of actions to avoid during this critical time of your home purchase.

Don't Buy or Lease an Auto .
Lenders look carefully at your debt-to-income ratio.  A large payment such as a car lease or purchase can greatly impact those ratios and prevent you from qualifying for a home loan.

Don't Change Jobs.
A new job may involve a probation period, which much be satisfied before income from the new job can be considered. 

Don't Move Assets From One Bank Account to Another or Switch your Accounts to a New Bank.
These transfers show up as new deposits and complicate the application process, as you must then disclose and document the source of funds for each new account.  We can verify each account as it currently exist, and you can consolidate your accounts later if you wish. 

Don't Buy New Furniture or Major Appliances.
If the new purchases increase the amount of debt you are responsible for on a monthly basis, there is the possibility this may disqualify you from getting the loan, or cut down the available funds you need to meet closing costs.

Don't attempt to Consolidate Bills Before Speaking With Us.
We can advise you if it is really necessary to do this.

Don't Pack or Ship Information Needed for the Loan Application.
Important paperwork such as W-2 forms, divorce decrees and tax returns should not be sent with your household goods.  Duplicate copies take weeks to obtain and could stall the closing date on your transaction.