After you apply for your home loan, there are 4 things you absolutely should not do to make sure you can still qualify for the loan.
- DON’T apply for new credit or close any existing accounts.
- DON’T deposit large sums of cash into your accounts before speaking to your lender.
- DON’T make any large purchases, like a new car or couch. If you’re unsure how large of a purchase is too large, check with your lender first.
- DON’T co-sign loans for anyone else: student loans, apartments, home loans, or others.
Make sure you’ll still qualify for the home loan amount on your application. If you avoid making large purchases, applying for new credit, depositing large sums of cash, and co-signing for others, your loan application can still proceed. Otherwise, you’ll need to start the application process again.
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