4 Things You Absolutely Should Not Do After You Apply for a Mortgage

4 Things You Absolutely Should Not Do After You Apply for a MortgageIf you have a good credit history and are prepared to invest in a home, you may be feeling pretty confident about the mortgage process. However, it’s important to be aware that there are things that can have a negative impact on your application. Whether you’ve just submitted your documents or are getting close to it, here are some things you may want to avoid.

Acquiring New Credit

It may seem silly that something as minor as a new credit card can be a mark against your credit, but applying for new ones can be a bad sign to lenders. The problem is that this can be signal an unmanageable debt load, so you may be considered a high risk for not being able to make your payments.

Forget To Pay Your Bills

It’s easy enough to get lulled into the feeling that your mortgage application will be approved, but this doesn’t mean that you should forget your financial responsibilities. If you’ve had poor credit in the past and neglected paying your bills on time, now is not the time to do this. Instead, ensure that you’re paying all bills and any applicable minimum payments in advance of the due date so your credit score is not impacted.

Close Old Credit Cards

Many people think that closing out old credit cards can be a positive financial step forward and a good way to streamline their finances, but this can cause damage to your credit score. Because closing a credit card will change your available balance and bump up your debt load, it may mean that your debt percentage will increase. Instead of risking this, leave them active until you’ve received approval.

Quit Your Job

Few people will have the ability to quit their job when they’re applying for a mortgage, but doing this or incurring other fluctuations in your monthly income can cause problems with your application. If you are self-employed, there may be peaks and valleys in your finances, but a huge shift in what you bring home can show lenders that you’re not a solid bet.

There can be a lot of stress that comes along with the mortgage application process, but by paying your bills on time and staying on top of your payments, you can avoid negatively impacting your approval.   To start your home search, give me a call – J.P. Cook – 602-320-4253.

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917 W Mcdowell Road Phoenix, AZ 85007

$630,000
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1,922 SqFt
Status Active
MLS # 6787378
Property Type Single Family Residence
Price Type --
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$630,000
3 Beds
2.5 Baths
2,172 SqFt
Status Active Under Contract
MLS # 6778719
Property Type Single Family Residence
Price Type --
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$630,000
3 Beds
2 Baths
2,247 SqFt
Status Active
MLS # 6765848
Property Type Single Family Residence
Price Type --
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4 Beds
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MLS # 6679878
Property Type Single Family Residence
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Property Type Townhouse
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$630,000
3 Beds
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2,249 SqFt
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MLS # 6742444
Property Type Single Family Residence
Price Type --
. Welcome to your new oasis in Gilbert! This delightful 3-bedroom, 2-bathroom home is perfectly situated near the serene Gilbert Regional Park, offering both tranquility and convenience. As you step inside, you're greeted by light-filled, spacious rooms featuring plantation shutters.The perfect floor plan includes a formal living room, dining room, and a separate den. You'll love entertaining in the open-concept island kitchen, a gas stove, and an inviting family room that overlooks a serene patio. The patio, with pavers and mature professional landscaping, includes a built-in gas BBQ, making it ideal for summer barbecues and outdoor gatherings.The spacious master suite is a peaceful retreat. some photos are virtually staged!

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$630,000
3 Beds
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MLS # 6754945
Property Type Townhouse
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$630,000
4 Beds
2.5 Baths
2,359 SqFt
Status Active
MLS # 6773215
Property Type Single Family Residence
Price Type --
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$630,000
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2,041 SqFt
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Property Type Single Family Residence
Price Type --
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$630,000
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1,862 SqFt
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Property Type Single Family Residence
Price Type --
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$629,999
3 Beds
2.5 Baths
2,185 SqFt
Status Active
MLS # 6780772
Property Type Single Family Residence
Price Type --
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$629,999
3 Beds
2.5 Baths
2,610 SqFt
Status Active Under Contract
MLS # 6766700
Property Type Single Family Residence
Price Type --
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