7 things you should NOT do

when applying for a home loan!

·        This is a list of things to steer clear of when you are seeking to obtain financing for a home. The following items may prove to be a detriment when you wish to move forward with the loan process.

·        Don’t buy or lease an auto!  Lenders look carefully at your debt-to-income ratio. A large payment such as a car lease or purchase can greatly impact those ratios and prevent you from qualifying for a home loan.

·        Don’t move assets from one bank account to another!  These transfers show up as new deposits and complicate the application process, as you must then disclose and document the source of funds for each new account. The lender can verify each account as it currently exists. You can consolidate your accounts later if you need to.

·        Don’t change jobs!  A new job may involve a probation period, which must be satisfied before income from the new job can be considered for qualifying purposes.

·        Don’t buy new furniture or major appliances for your “new home!”  If the new purchases increase the amount of debt you are responsible for on a monthly basis, 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.

·        Don’t run a TRW report on yourself!   This will show as an inquiry on your lender’s credit report. Inquiries must be explained in writing.

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

• Don’t pack or ship information needed for the loan application!  Important paperwork such as W-2 forms, divorce decrees, and tax returns should not be sent with your household goods. Duplicate copies take weeks to obtain, and could stall the closing date on your transaction.

I hope you have enjoyed this special report. The information you now have will help you make the right choice. Take the first step to becoming a homeowner now! We currently have over 40 creative programs to fit your needs. Please contact us at  309-688-5568  to set up your FREE No-Obligation consultation where we will meet to tailor a program to fit your needs and comfort levels for monthly payment and investment.

Sincerely,

Laure Feld

Host of “The Finance Lady” on WMBD Radio         

President

American Mortgage Lending, Inc.
WWW.FINANCELADY.NET

Listen to the FINANCELADY on
WMBD, WRAM and WAIK Radio

P.S. if you would like to get started now please CLICK HERE to fill

out a Pre-Qualification Application and we will contact you to schedule your free

consultation and get you into the home of your dreams with the best terms

available ….regardless of your credit!