Real Estate15 Things Not To Do While Obtaining Home Financing
Published Tuesday, October 23, 2012 Updated on Wednesday, November 21, 2012

15 Things Not To Do While Obtaining Home Financing

Don

If you don't already know, you can end up hurting your home financing goals by making some poor choices with your finances. This list of 15 things will keep you out of trouble.

15 things NOT to do:

1. Leave an existing job for any reason

2. Open new bank accounts

3. Deposit funds over $300 into a bank account

4. Buy or shop for new furniture, car, or make any major purchase. Even when shopping, your credit may be run

5. Allow your bank statements to go into a negative balance, even if you have overdraft protection

6. Stop paying credit card debit

7. Transfer money between accounts, unless receving complete documentation

8. Apply for any new credit card

9. Close existing bank accounts

10. Inquire about a new credit card or better rates on existing credit

11. Co-sign on any debt with a family member or anyone else

12. Pay a bill in collections. If about to pay a bill in collections from a collection agency, try to pay it at closing

13. Stop paying any bills

14. Ask a tenant to move out, or give your landlord notice that you are moving out

15. Have a friend or family member pay for anything related to the purchase of the home (appraisal, earnest money, down payment, etc), since gifts are only allowed under certain guidelines