Closing Mistakes (What You Want To Know Wednesdays)

Are you in the home stretch of getting a home loan? Avoid these mistakes so your process isn’t prolonged.  

Do not get a new credit card or auto loan – Now that you’re almost through the loan process you may feel like you’re free to get a new credit card or car – don’t do it! Any changes to your credit report or bills will change your loan.  

Charge up your credit cards – Your loan approval is largely based on debt to income ratio, charging up your cards changes your ratio.

Change jobs – This cannot be stressed enough, DO NOT change jobs at any time during the loan process. Right before your loan funds Mountain West Financial will do a Verbal Verification of Employment. If your employment status has changed it will put a stop to your loan.

Make sure the source of your down payment can be verified – Legally, a lender must verify all funds related to the loan transaction.


* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.