What NOT To Do If You Are Applying for a Mortgage!
CREDIT
1. Don't make a major purchase (i.e. car, increase lease, boat, jewelry, etc.)
2. Don't open new credit cards -- even if you're getting 20% off of your purchase
3. Donât buy any furniture
4. Donât apply for new credit until AFTER you close on your mortgage
5. Donât transfer credit card balances from one account to another
6. Donât pay charge offs without a discussion with lender first
7. Donât pay collections without a discussion with lender first
8. Donât pay off any loans or credit cards without discussing with lender
9. Donât close any credit card accounts
10. Donât max out or over charge on your credit card accounts
11. Donât consolidate your debt into 1 or 2 credit cards
12. Donât take out a new loan
13. Donât finance any elective medical procedures
INCOME
14. Don't quit your job to change industries or start a new company
15. Don't switch from a salaried job to a heavily-commissioned job
ASSETS
16. Donât change bank accounts
17. Don't transfer large sums of money between bank accounts
18. Don't forget to pay your bills -- even the ones in dispute
19. Don't accept a cash gift without filing the proper "gift" paperwork
20. Don't make random, undocumented deposits into your bank account