Top 8 Ways You Can Prevent Yourself From Getting A Mortgage Approval of a Tulsa OK Real Estate Property
When purchasing your Tulsa real estate, you will probably be amazed to know that the time from underwriting to closing has increased. What used to take less than three weeks is now taking in some cases two months. The need to keep your finances in order until the mortgage is approved is paramount.
The following eight ways of preventing the chance of losing your mortgage should be adhered to as closely as possible.
1) Do not make deposits to your personal bank account at random. And do not deposit different amounts all the time. Most people's accounts are used for direct deposit of their paycheck. They may deposit an amount from time to time but they do not constantly deposit different amounts. The only time a different amount may be deposited daily is if they own a small business. This would be under a business account and not your personal account.
2) Do not apply for or take a new credit card. The importance of keeping your credit in the same shape it was in when the underwriter got all of his information cannot be stressed enough.
3) Do not move money around from one account to another. By leaving the money in the accounts and just using one or the other, it does not look as if there is something untoward going on.
4) Do not make any big purchases. For example, purchasing a new car or signing a lease on a more expensive vehicle than what you have already should not be done. The purchase of a vehicle even if you need it should be postponed until after the mortgage is approved. If you have to rent a vehicle for transportation on a temporary basis, this would be the way to go rather than making a big purchase at the present.
5) Do not stop paying bills. Even if they are ones you are disputing, the non-payment of the bills could cause a problem with your credit. This could completely change things with the underwriters. If you want the Tulsa real estate you are trying to purchase you will need to keep everything the same as it was when the application was submitted.
6) Do not change jobs. Switching from a salaried position to a commission type job is an extremely bad thing to do. This is not the time to change the amount of money you are making.
7) Another huge mistake if you are interested in purchasing Tulsa real estate would be to quit your job. Not only should you not quit but you should not change the type of work you are doing. Now is not the time to start a business either.
8) Do not deposit different amounts of money into your bank account at random times. The deposits that go in should be able to be accounted for when it comes to where they are from. For example, a weekly or bi-weekly amount from the same source every time is clearly a paycheck. This can be documented.
These rules may not be the easiest to follow, but if you want the purchase of your Tulsa real estate to proceed smoothly you should try to stick to them. Underwriters like things to stay simple. The best way to keep everything going along smoothly until your mortgage is funded is to keep everything under control.
