When Applying for a Real Estate Loan…

Here at the RED Team, we advise our Buyers what to do as well as what NOT to do when applying for a Real Estate loan. Together with Taylor Ortiz, Sr. Loan Officer at Fairway Mortgage, we have compiled a “what not to do” list during the beginning stages of applying for a loan through the closing of your house.

Do not change jobs, become self-employed or quit your job.

Do not buy a car, truck or van (or you may be living in it)!

Do not use credit cards excessively or let your accounts fall behind.

Do not spend money you have set aside for closing costs.

Do not omit debts or liabilities from your loan application.

Do not buy furniture or appliances until after you close on your house.

Do not originate any new inquiries into your credit.

Do not make large deposits without first checking with your loan officer.

Do not change bank accounts.

Do not co-sign a loan for anyone.

Avoid transferring money back and forth from one bank account to another without first talking to your loan officer.

Gift money is OK, but talk to your loan officer first before receiving or depositing that gift money.

If you sell any personal items during the loan process (cars, computers, etc…) please keep records of receipts and ask the buyer to pay with a check and avoid cash at all cost.

As always, you may contact The RED Team for your Real Estate needs and questions.

m