Do not transfer a large deposit of money to your bank account. Your lender needs to verify this, and this process can be lengthy if you can’t provide documentation such as a pay stub, invoice, or letter from a donor. Always talk to your loan officer ahead of time for guidance if you find yourself in this situation.

Do not keep cash at home that you intend to use in the transaction. Forget the hassle of trying to produce documentation for it and keep it safe in your bank account.

Do not open or close a credit card account while applying for your home loan. Credit card companies report this to the credit bureaus. Doing so can change your credit score or ratios which can affect your loan score. Even if the lender has already pulled your credit, keep in mind that the lender does a soft draw at the end before closing, it’s called a credit update, and any changes you’ve made will show up.

Do not change jobs after applying. If you have to change jobs, it is recommended that you wait 30 days after starting your new job to apply for your home loan so that you can establish your income with your lender. You will need to show at least one pay stub to start the loan process.

Do not complete any major purchases while applying for your loan, especially credit cards. Wait to buy big-ticket items like furniture or a new car until after closing. Talk to your loan officer if you have such plans.

Don’t overdraw your checking account. This may seem obvious, but keep an eye on your account balance to avoid this costly mistake. If your lender asks you for a bank statement, it certainly won’t look good if you have overdraft fees because they may think you have insufficient income or can’t manage your money.

And last but not least, don’t withhold information about the mortgage application. Be open with your Loan Officer. Whether it’s “forgetting” to disclose a previous bankruptcy, foreclosure, late mortgage payment, etc. If a financial institution were to discover after submitting the application that you (on purpose) omitted to provide certain information, or simply lied about certain points, there is now a great deal of falsehood on everything else that you have allegedly fully disclosed. . Most of the time, your mortgage application will be rejected, and it may jeopardize future applications as well.