8 Things You Should NOT Do When Applying for a Mortgage

The following items could impede your mortgage approval process and should be avoided unless discussed with your personal mortgage consultant:

  1. Don't buy or lease an auto! Lenders look carefully at your debt-to-income ratio. A large payment such as a car lease or purchase can greatly impact those ratios and prevent you from qualifying for a home loan.
  2. Don't move assets from one bank account to another! These transfers show up as new deposits and complicate the application process, as you must then disclose and document the source of funds for each new account. The lender can verify each account as it currently exists. You can consolidate your accounts later if you need to.
  3. Don't change jobs! A new job may involve a probation period, which must be satisfied before income from the new job can be considered for qualifying purposes.
  4. Don't buy new furniture or major appliances for your new home! If the new purchases increase the amount of debt you are responsible for on a monthly basis, there is the possibility this may disqualify you from getting the loan, or cut down on the available funds you need to meet closing costs.
  5. Don't run a credit report on yourself! This will show as an inquiry on your lenders credit report. Inquiries must be explained in writing.
  6. Don't attempt to consolidate bills before speaking with your mortgage professional! The consultant can advise you if this needs to be done.
  7. Don't pack or ship information needed for the loan application! Important paperwork such as W-2 forms, divorce decrees, and tax returns should not be sent with your household goods. Duplicate copies take weeks to obtain, and could stall the closing date on your transaction.
  8. Don't apply for any credit cards! This will affect your credit score and could change your loan to value ratios and prevent you from qualifying for a home loan.


We hope you have found this information valuable. We curently offer numerous custom loan programs to fit your needs. Please contact us at 716-685-9696 to set up your FREE No-Obligation consultation where we will meet to tailor a program to fit your needs and comfort levels for monthly payment and investment.


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Licensed, Bonded, Local Mortgage Expert

Ron Fronckowiak

Licensed Mortgage Professional

NMLS ID 7054