Shayzon Logo
  • A Little About Me
  • The SKINNI with SHAYZON Podcast
  • Media
  • Contact
  • A Little About Me
  • The SKINNI with SHAYZON Podcast
  • Media
  • Contact
Let's Talk Real Estate

Applying For a Mortgage? Here’s What You Should Avoid Once You Do.

Furniture arranged in living room at home

While it’s exciting to start thinking about moving in and decorating after you’ve applied for your mortgage, there are some key things to keep in mind before you close. Here’s a list of things you may not realize you need to avoid after applying for your home loan.

Don’t Deposit Large Sums of Cash

Lenders need to source your money, and cash isn’t easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

Don’t Make Any Large Purchases

It’s not just home-related purchases that could disqualify you from your loan. Any large purchases can be red flags for lenders. People with new debt have higher debt-to-income ratios (how much debt you have compared to your monthly income). Since higher ratios make for riskier loans, borrowers may no longer qualify for their mortgage. Resist the temptation to make any large purchases, even for furniture or appliances.

Don’t Cosign Loans for Anyone

When you cosign for a loan, you’re making yourself accountable for that loan’s success and repayment. With that obligation comes higher debt-to-income ratios as well. Even if you promise you won’t be the one making the payments, your lender will have to count the payments against you.

Don’t Switch Bank Accounts

Lenders need to source and track your assets. That task is much easier when there’s consistency among your accounts. Before you transfer any money, speak with your loan officer.

Don’t Apply for New Credit

It doesn’t matter whether it’s a new credit card or a new car, when you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), it will have an impact on your FICO® score. Lower credit scores can determine your interest rate and possibly even your eligibility for approval.

Don’t Close Any Accounts

Many buyers believe having less available credit makes them less risky and more likely to be approved. This isn’t true. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those aspects of your score.

Do Discuss Changes with Your Lender

Be upfront about any changes that occur or you’re expecting to occur when talking with your lender. Blips in income, assets or credit should be reviewed and executed in a way that ensures your home loan can still be approved. If your job or employment status has changed recently, share that with your lender as well. Ultimately, it’s best to fully disclose and discuss your intentions with your loan officer before you do anything financial in nature.

Bottom Line

You want your home purchase to go as smoothly as possible. Remember, before you make any large purchases, move your money around, or make major life changes, be sure to consult your lender – someone who’s qualified to explain how your financial decisions may impact your home loan.

Shayzon Logo
TAGS:First Time Home BuyersHome Loan AdviceMortgage Tips
Share

Leave a Comment Cancel Comment

Previous Post
Financial Fundamentals for First-Time Homebuyers
Next Post
Planning To Sell Your Home? 5 Reasons Working With A Pro Can Ensure You’ll Get The Most Out Of Your Sale.

Instagram

❣️Early birthday surprise from Hubby Tubbs!🎁 
I'm not a big concert goer, so he really got me good with this one☺️

He's started a month early for Momma's Big Girl Birthday next month, and I'm completely ecstatic!🥰🥳

ps. I LOOOVE SURPRISES, aka BIG KID FOREVER😄

#birthdaycountdownbegins #cowboycarter #cowboycartertour #thefashionmixologist #shayzon #countdownto50
Shayzon
shayzon
•
Follow
❣️Early birthday surprise from Hubby Tubbs!🎁 I'm not a big concert goer, so he really got me good with this one☺️ He's started a month early for Momma's Big Girl Birthday next month, and I'm completely ecstatic!🥰🥳 ps. I LOOOVE SURPRISES, aka BIG KID FOREVER😄 #birthdaycountdownbegins #cowboycarter #cowboycartertour #thefashionmixologist #shayzon #countdownto50
2 weeks ago
View on Instagram |
1/2
Hiiii my Honey Bunnies!🌸 Miss youuu! I've been missing for a bit.  I was away for a bit, spending time with family, finishing up a couple of sewing projects, and now in the midst of moving. 🫣

I'll be back to regular programming soon soon.💋🤗

❗️FUN FACT: Pink Peonies are my absolute favorite flower❗️

🍹Spring Fashion Cocktail Deets 🍹

I got these vintage pieces at an event Pickwick hosted to benefit the affected families of the LA FIRES.

🌸This sweet sequin dress - Vintage - @pickwickvintage 
(I looove the sheer sequin overlay on this sweet floral fabric SO MUCh!😅)
🌸Gold Pocket Book - Vintage - @pickwickvintage
🌸Jewelry - @davidyurman @coach 
🌸Beaded Bracelets - Custom Made - I've had for years.
🌸Pink Iridescent Pumps - Oldie but Goodie 😋
.
.
.
.
.
.
.
.
.
.
.
#shayzon #thefashionmixologist #pickwickvintage #vintagedress #sequindress #vintagesequins #havefunwithfashion #alwaysplaydressup #fashionreelcreator #vintagefashions #springoutfitideas #1970style #springstyleinspo #howtowearit #fashionover40 #coloroutsidethelines #retrostyles #stylereel #advancestyle #howtostyleit #outfitdetails  #highlowfashion #maximaliststyle #vintagestyles #emergingdesigner
#dopaminedressing #streetstylephotography
Shayzon
shayzon
•
Follow
Hiiii my Honey Bunnies!🌸 Miss youuu! I've been missing for a bit. I was away for a bit, spending time with family, finishing up a couple of sewing projects, and now in the midst of moving. 🫣 I'll be back to regular programming soon soon.💋🤗 ❗️FUN FACT: Pink Peonies are my absolute favorite flower❗️ 🍹Spring Fashion Cocktail Deets 🍹 I got these vintage pieces at an event Pickwick hosted to benefit the affected families of the LA FIRES. 🌸This sweet sequin dress - Vintage - @pickwickvintage (I looove the sheer sequin overlay on this sweet floral fabric SO MUCh!😅) 🌸Gold Pocket Book - Vintage - @pickwickvintage 🌸Jewelry - @davidyurman @coach 🌸Beaded Bracelets - Custom Made - I've had for years. 🌸Pink Iridescent Pumps - Oldie but Goodie 😋 . . . . . . . . . . . #shayzon #thefashionmixologist #pickwickvintage #vintagedress #sequindress #vintagesequins #havefunwithfashion #alwaysplaydressup #fashionreelcreator #vintagefashions #springoutfitideas #1970style #springstyleinspo #howtowearit #fashionover40 #coloroutsidethelines #retrostyles #stylereel #advancestyle #howtostyleit #outfitdetails #highlowfashion #maximaliststyle #vintagestyles #emergingdesigner #dopaminedressing #streetstylephotography
2 months ago
View on Instagram |
2/2
@shayzon
Current Location

Current Location

Los Angeles, CA

Recent Posts

  • Why It Makes Sense To Move Before Spring

    February 25, 2023
  • The 3 Factors That Affect Home Affordability

    February 13, 2023
  • Pre-Approval in 2023: What You Need To Know

    January 29, 2023