7 Things You Should Not Do

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Tips for the prospective new home owner. If you are going to apply for new home loan, you will want to see this brief presentation that will outline seven things you should avoid.


  • 1. FromDon Loyd, Principal BrokerKnipe Realty NW7 Things You ShouldNOT Do WhenApplying For AHome Loan

2. Here is a list of things tosteer clear of when you areseeking to obtain financingfor a home. 3. 1. Dont buy or lease an auto!Lenders look carefully at your debt-to-income ratio. 4. A large payment such as a carlease or purchase can greatlyimpact those ratios andprevent you from qualifyingfor a home loan. 5. 2. Dont move assets from onebank account to another! 6. These transfers show up as newdeposits and complicate theapplication process 7. as you must then disclose anddocument the source of funds foreach new account. 8. The lender can verify eachaccount as it currently exists.You can consolidate youraccounts later if you need to. 9. 3. Dont change jobs! 10. A new job may involve aprobation period, which must beSatisfied before income from thenew job can be considered forQualifying purposes. 11. 4. Dont buy new furniture or major appliances for your new home! 12. If the new purchases increase theamount of debt you areresponsible for on a monthlybasis 13. there is the possibility thismay disqualify you from gettingthe loan, or cut down on theavailable funds you needto meet closing costs. 14. 5. Dont run a credit reporton yourself! This will showas an inquiry and they mustbe explained in writing. 15. 6. Dont attempt to consolidatebills before speaking with yourlender! The lender can adviseyou if this needs to be done. 16. 7. If you are moving, dont pack or ship information needed for the loan application! 17. Important paperwork such asW-2 forms, divorce decrees,and tax returns should not besent with your householdgoods. 18. Duplicate copies take weeksto obtain, and could stall theclosing date on yourtransaction. 19. Hope you haveenjoyed this specialReport! 20. If you need a good referralfor a great lender, just let me know. 21. Want to SearchPortland Area Homesfor Sale? Go To www.DonLoyd.com 22. Please contact me for moreinformation about realestate. I want to earn yourbusiness and be your broker.Don Loyd, Principal BrokerCall Direct - 503-395-8586Email DonLoyd@DonLoyd.com