Applying for a real estate loan is an in-depth process, and you must provide a lot of documentation to your lender. During this time, you are trying to become approved for a loan, and there are ten things you should avoid.
- Do not change jobs, become self-employed, or quit your job.
- Do not use credit cards excessively or let your accounts fall behind.
- Do not make any large purchases, such as a vehicle or appliances.
- Do not spend money you have set aside for closing.
- Do not buy furniture.
- Do not make large deposits without checking with your loan officer first.
- Do not change bank accounts.
- Do not co-sign a loan for anyone.
- Do not originate any inquiries into your credit, except for your loan officer.
- Do not omit debts or liabilities from your loan application.
Avoid these ten mistakes when you are applying for a real estate loan.
**We are a local Commercial and Residential Real Estate Brokerage and team. Our mission is to give Western Kentucky buyers and sellers an exceptional real estate experience! The advantage of working with our team is having a group of professionals who are skilled and specialized to serve your needs versus an individual agent trying to be a master of all trades. Innovation, creativity, and a consultative style drive our process that will help you effectively and efficiently, whether it’s residential or commercial real estate. For more information contact us directly at 270-908-0020 or www.WeSellPaducah.com.**