Buying a home is an adventure that comes with great responsibility — financial responsibility that is. As you navigate the home-buying process, it’s critical that you closely monitor your finances before, during, and after you submit your mortgage application to avoid negatively impacting your chances of approval.

Here are the most common ways I see buyers sabotage their mortgage applications!

Keep Your Funds Steady

Moving money around may seem harmless, but it can cause a paperwork nightmare. Before you shift funds from one account to another, give me a call and we’ll figure out a plan that minimizes the impact to your mortgage application.

Watch for Big Deposits

Large deposits into your accounts? Be prepared to explain where they came from because my team will need to verify everything as we review your file.

Get Documentation for Large Sales

Selling assets to help fund your down payment? Keep every record, like receipts and bills of sale. It makes the mortgage process much smoother.

Gifts Done Right

Receiving a gift for your home purchase? That is super exciting, but there are requirements and limitations we need to consider. Ensure you call my team to guide you through the proper steps. 

(More about gifts, their tax implications, and annual giving limits on my blog here!)

Keep All the Paperwork

Save all financial documents you receive, from bank statements to pay stubs. At various points of your loan process, my team will ask for them — so keep them handy.

Don't Pack Your Papers

It’s exciting getting your home all packed to move into the new one. Just don’t pack up any paperwork you will need to share with us! Tax returns, W-2s, and other financial papers should be accessible.

Avoid New Credit

Hold off on new credit applications. My team will need to verify any new debt, which could delay your approval. So before you apply for that new store credit card or finance a new car, call me.

Check Your Credit

Stay on top of your credit report. Report any errors or missing information to my team so we can take care of it in a timely manner.

Job Changes? Tell Us.

Thinking about changing jobs? Keep us informed. Your new position could affect your loan approval, especially if your salary is changing or if there will be a gap in your employment.

Don’t Sabotage Your Mortgage.

One of our goals at the Leo Anzoleaga Group is to provide you with the best mortgage price, advice, and experience. By keeping these nine tips in mind, you’ll reduce the chances your application is delayed or denied.

Have questions about how to create your personalized mortgage plan with our team? Email me at Leo@Anzoleaga.com!

‍