The Top 8 things NOT to do during your loan process.
The following are things to avoid doing when you are applying for a mortgage. Some of these items are common sense, but others you may not think are deal killers but in the end, can cost you the best product available.
1.) Quit your job
2.) Buy a new car or make any other large purchases
3.) Stop making payments on your mortgage, credit cards, etc.
4.) Put your home on the market
5.) Begin improvements on your home
6.) Draw off of your home equity line
7.) File for bankruptcy
8.) Take advice from your mechanic or hair dresser on mortgage programs and/or rates
The last one alone has probably contributed to more headaches for your mortgage professional than any of the others. Obtaining a mortgage is not exactly rocket science, but there are certain procedures and protocols that need to be followed.
Every loan is different and unless the person offering the advice is willing to step up and lend you the money themselves, then make sure you are not going to blindly follow the advice of a non-mortgage professional.
I wouldn't tell my mechanic how to fix a mysterious rattle coming from the engine, but they have no problems offering occasionally bad advice for something they have only a pedestrian knowledge of.
Please do not hesitate to contact my office if you have any questions or concerns about anything regarding your loan application.
