When Trying to Obtain a Mortgage...
Avoid These Pitfalls!

Here are four common mistakes to avoid when you are trying to obtain a mortgage.

1) Changing Jobs

Numerous problems can be created by changing jobs right before or during the mortgage process, especially if your new job is in a different line of work. In addition, you may experience a 90 day probationary period at your new job, or your pay style may be different, such as going from a base salary to straight commissions.

2) Changing Banks, Moving Money Around, or Making Large Deposits

Unless your mortgage professional specifically instructs you to change banks, move money, or make large deposits, please leave your money alone until your mortgage is closed. It can be very difficult to document your assets when you are moving them around. We must be able to confirm whether or not you have enough money to close, as well as the source of that money.

3) Incurring New Debt

Please do not take out any new loans or make any major credit card purchases while going through the mortgage process. Special furniture and appliance accounts, as well as home improvement store accounts, that offer "same as cash" or "no interest and no payments" for an extended period of time, are still considered debts, and may delay or even prevent you from being approved for a mortgage.

4) Paying Off Bills

Your mortgage professional will let you know if it becomes necessary for you to pay off any bills. In order to ensure that we receive proper documentation that a specific debt has been paid off in a timely fashion, we will provide you with specific instructions as to the best way to pay off your specific bills.

If any of the above situations are absolutely necessary, please contact one of our Mortgage Professionals at Cronin Financial Services, LLC, so we can plan accordingly.

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