smooth approval. #6 is moving assets between bank accounts. I advise borrowers I am working with not to move money around, because the underwriters are keeping watch and want to make sure that everything matches up with the requirements. If funds are moved around, the borrower will have to provide documentation showing where it went, and it makes things complicated and can cause delay. #7 is the sin of misplacing or losing track of financial documents during the process. Often, a buyer is anxious to pack and begins storing items in preparation for the big move. In packing the house, they pack all financial documents inside of a box and then quickly lose track of it in the packing chaos. If I call the borrower a few days before closing and ask them for a document — and they can’t find it — that could seriously affect the outcome of the loan. I tell borrowers, “Before you start moving, pack your financial documents up separately, and make sure you have access to them all the way through the loan process. Don’t do anything with that paperwork until you’ve closed the deal, the loan is funded, and you are good to go with purchasing that house.” Until the closing statement is signed by both you and the seller, nothing is certain. The deal might fall apart from one day to another. Here’s a list of common mistakes that may seem insignificant for the buyer at the first glance, but for the lender may mean a “yes” or a “no.” Be careful with other big purchases while trying to obtain a mortgage. Avoid charging your credit cards with thousands of dollars for unnecessary things. Buying furniture or opening a new line of credit may threaten the deal, as the lender may suspect that you’re cutting funds reserved for the real estate payment.
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