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Avoid These Common Mistakes When Applying For a Mortgage

Avoid these mortgage mistakes


Having a Mortgage Pre-Approval is not a guarantee that you will still be eligible to receive this loan under same terms. We have collected the most common mistakes that homebuyers make while in process of home searching or waiting for their closing day.



Follow some tips from our experts below:

DON’T
Spend money you will use for a closing (downpayment, appraisal, lawyer fees, etc.)

DON’T
Buy a new car, truck, boat or trade-up to a more expensive lease;

DON’T
Change industries, decide to become self-employed, accept a contract position, quit or change your job;

DON’T
Transfer large sums of money between bank accounts;

DON’T
Forget to pay your bills;

DON’T
Open new credit cards / get any new loans;

DON’T
Accept a cash gift without properly documenting it;

DON’T
Buy furniture on the “Do not pay for XX years plan”;

DON’T
Co-sign for a loan for anyone.



It is important you follow all the above rules for a fast and smooth closing. IK Financial Mortgage Team is always here to assist you. Should you have any questions, feel free to call our office at 647-244-1371.


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