Things to Avoid During the Purchase Process

Below is a list of things you should NOT do during the purchase process as they will affect your approval & mortgage:

• Do NOT make any large cash deposits as cash cannot be used towards down payment.
• Do NOT accept any gifs from family members or anyone without discussing it with your loan officer and attorney first. Only certain family members are eligible to gift money towards a purchase of a home.
• Do NOT take out any new loans or debts as this could affect your preapproval amount. Even if the new credit is deferred with zero dollar payments.
• Do NOT co-sign for any loans for friends or family as this debt can lower your preapproval figures.
• Do NOT take any cash advances from credit cards or borrow any funds for closing without speaking with your loan officer any attorney first.
• Do NOT switch jobs or change to self-employed without notifying your loan officer first.
• Do NOT take any unpaid time off without speaking with your loan officer first.
• Do NOT alter any documents in any way!
• Do NOT pay off any collection accounts or charge offs without speaking with your loan officer first, as this believe it or not could negatively impact your credit scores.
• Do NOT add any new debts by increasing your credit card balances after you have been approved.
• Do NOT miss any payments on any of your debts.