5 Things to Avoid Post Mortgage Application

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Getting the mortgage at the end of the process is a big relief. You might prepare new plans like home renovation, a car, or other big investment. However, before making any decision, you should ask the loan officer how to go about it.

This presentation is about the 5 things that you should avoid after applying for a mortgage.

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❖ Things To Avoid After Mortgage Application

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Quitting Your Job

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Mortgage is considered based on your income.

Before closing the loan, mortgage lenders in MA often check the employment status.

Quitting your job can spoil the entire mortgage procedure.

➢ Big Investments

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People with new debt have more debt to income ratios.

Higher ratios make for riskier loans.

Often qualified loan borrowers also fail to qualify.

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➢ Closing Any Credit Account

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Closing credit accounts may affect determiners of your score.

Less available credit is less risky - not true.

Your credit use history is a major element of your score.

➢ Missed Payments ● ● ●

Missing a bill payment or doing late payment hurts credit score.

A single payment miss results in a considerable decrease in your credit score.

Make timely payments as it will help you in acquiring a mortgage.

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➢ Cash into Bank Accounts

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Avoid depositing the cash in your accounts.

Lenders cannot trace the cash transactions.

They should be able to source your transaction.

If you want to deposit the cash, ask your loan officer the precise way of documenting your transactions.

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Securing the mortgage is a big task. It requires time and efforts. Avoiding the above mentioned 5 things to get the mortgage you have applied for. Our loan officers, at Drew Mortgage Associates, will guide you throughout the loan process.

To Read More Click : https://www.drewmortgage.com/avoid-these-things-after-applying-for-mortgage/

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DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/

Peabody Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080

Boston Mortgage Lenders 232 Commercial St Boston, MA 02109 Phone: (617) 523-3060

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