When lenders review your application, they like to see consistency in your finances. Here are
six things to avoid six months to a year before applying for a mortgage.
1. Do not make major purchases like furniture, appliances, jewelry, vehicles or vacations.
2. Don’t change or quit your job.
3. Consult with your mortgage professional before withdrawing, depositing or moving large amounts of money in or out of your bank account.
4. Do not pay off debts or collections (unless instructed to do so by a mortgage professional).
5. Avoid using cash for a good-faith deposit—cash is difficult to verify and could result in a closing delay.
6. Don’t have your credit report pulled too many times—this can hurt your credit score.
For more information on local Salt Lake City home mortgage and lending, contact Jesse Theurer at Mortgage Brokers, LLC.