The document provides a list of 7 things not to do when applying for a home loan. These include buying a car or leasing one, moving money between bank accounts, changing jobs, buying new furniture or appliances for the home, running your own credit report, attempting to consolidate bills without speaking to the lender, and packing or shipping important documents needed for the loan application when moving. Following these recommendations can help simplify the loan application process and improve the chances of approval.

1. From
Don Loyd, Principal Broker
Knipe Realty NW
7 Things You Should
NOT Do When
Applying For A
Home Loan

2. Here is a list of things to
steer clear of when you are
seeking to obtain financing
for a home.

3. 1. Don't buy or lease an auto!
Lenders look carefully at
your debt-to-income ratio.

4. A large payment such as a car
lease or purchase can greatly
impact those ratios and
prevent you from qualifying
for a home loan.

5. 2. Don't move assets from one
bank account to another!

6. These transfers show up as new
deposits and complicate the
application process…

7. …as you must then disclose and
document the source of funds for
each new account.

8. The lender can verify each
account as it currently exists.
You can consolidate your
accounts later if you need to.

9. 3. Don't change jobs!

10. A new job may involve a
probation period, which must be
Satisfied before income from the
new job can be considered for
Qualifying purposes.

11. 4. Don't buy new furniture or
major appliances for your new
home!

12. If the new purchases increase the
amount of debt you are
responsible for on a monthly
basis…

13. …there is the possibility this
may disqualify you from getting
the loan, or cut down on the
available funds you need
to meet closing costs.

14. 5. Don't run a credit report
on yourself! This will show
as an inquiry and they must
be explained in writing.

15. 6. Don't attempt to consolidate
bills before speaking with your
lender! The lender can advise
you if this needs to be done.

16. 7. If you are moving, don't pack
or ship information needed for
the loan application!

17. Important paperwork such as
W-2 forms, divorce decrees,
and tax returns should not be
sent with your household
goods.

18. Duplicate copies take weeks
to obtain, and could stall the
closing date on your
transaction.

19. Hope you have
enjoyed this special
Report!

20. If you need a good referral
for a great lender, just
let me know.

21. Want to Search
Portland Area Homes
for Sale?
Go To
www.DonLoyd.com

22. Please contact me for more
information about real
estate. I want to earn your
business and be your
broker.
Don Loyd, Principal Broker
Call Direct - 503-395-8586
Email – DonLoyd@DonLoyd.com