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White Realty Co.

1423 Stuyvesant Avenue
Union, New Jersey 07083

Fax 908-688-1411


New Jersey real estate

White Realty Co's got some good advice when it comes to making real estate decisions.

Top Ten Things NOT to do before applying for a home loan:

  1. DON'T buy or lease a car. Lenders look carefully at debt-to-income ratios and a large payment such as an auto loan or lease can really dent those ratios and keep you from qualifying. Also, each time an auto dealer checks your credit, your credit rating is reduced.
  2. DON'T take a new credit card that comes in the mail tempting you with low introductory rates, or that a store offers with a discount to open a new account. Each time a creditor opens an account for you, your credit gets checked. Each time they check, an inquiry is created in your credit file, which reduces your credit rating. Each new account opened further reduces your rating because you are taking on more debt.
  3. DON'T move money from one bank to another. These show up as new accounts or large deposits and complicate the application process, since you then must document the source of the funds for each new account. It's better to let the lender verify each account before you move funds around.
  4. DON'T change jobs. Even if you earned bonuses or commissions in your previous job, the lender can't use this income in a new job until you have a year or two of earnings history behind you, seriously impacting your ability to qualify.
  5. DON'T buy new furniture or major appliances for the new house until after you get your mortgage loan and close on it. New purchases can increase your debt load and disqualify you from the loan or deplete your funds to close.
  6. DON'T consolidate bills before speaking to your mortgage officer. The lender can advise you if it needs to be done.
  7. DON'T pack or ship information you may need for a loan application. Keep important paperwork such as W-2s, divorce decrees amd tax returns at hand. Getting duplicates can take weeks.
  8. DON'T throw out pay stubs and bank statements. Save everything until after your loan closes. You need to provide one to two months' worth of documents when you apply for the loan and you often need to provide additional paperwork prior to closing.

DON'T despair if you've already gone ahead and done any of these things. Contact your lender, even if you've been pre-qualified, so that they can help you re-qualify if necessary and help you with your options.

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