Believe it or not, but getting a mortgage approval is not as hard for the majority as keeping it. There are a few bumps in the road, so to speak, that you should avoid.
The entire process of closing a loan takes about 45 days, give or take, in today’s market and during this time any and all events may affect your loan. For instance, losing you job or becoming ill will greatly affect your mortgage loan approval. During this time the lender has a right to revoke your mortgage approval.
Of course, such life changing events are not easy, if not, at times, impossible, to control. However, there are a few things you can keep in check. With that in mind, here is a list of things you should avoid doing between the date of the application and date of funding. Each one of these items could instigate a revocation of your approval.
- You should refrain from career changes, such as leaving your current job to change industries or start your own company. This also includes switching from salary to commission paid job.
- Buying or leasing a new more expensive car might not be a great idea either. Of course, if you lease is about to expire you would have to renew it. However, you should definitely consult with your loan officer first.
- Transferring large sums of money between accounts should be avoided.
- Pay your bills on time, this one goes without saying.
- Avoid opening new credit cards, even if they offer great condition. Remember, any new inquiry on your credit report will have to be explained to the lender.
- Refrain from random undocumented deposits to your accounts. This includes cash gifts without proper paperwork. Undocumented cash deposits will provoke the lender to disallow the gift and revoke you loan.
Of course, these are just a few things we came up with. Surely, there is more. It is our mission to help you through this complicated process and successfully fund your loan.
Find more information on our Los Angeles mortgage broker website.