Main Content

Sign Up Now

Welcome Home | a blog by the Pujals Team

What NOT to do When Applying for a Mortgage

Image of a mortgage application with keysWhen you’re applying for a mortgage, it’s easy to find lists of action steps to take. You check your credit, get your financial papers in order, and save as much money as possible for your down payment. But did you know there are some common things you should never do when applying for a mortgage – things that could potentially cause you to lose your mortgage mid-application?

Here are some of the top things to avoid when applying for a mortgage.

1. Don’t make any big purchases. Hold off on buying that new car or boat until after your loan has closed. Even if you feel comfortable with all the new payments, your mortgage lender may determine that you are overextending yourself.

2. Don’t apply for new credit. It’ll lower your credit score. Keep your credit report as stable as possible. Your debt-to-income ratio is a big factor in your lender’s decision. Keep this percentage stable by not taking on new credit.

3. Don’t co-sign any loans. Co-signing a loan for a family member makes you liable for the debt if the main borrower defaults. These co-signed loans act just like a new credit inquiry for you.

Image of a person holding a credit card4. Don’t miss payments. Your goal is to show your mortgage lender that you are a good risk for them. Therefore, make every effort to ensure you pay everything on time.

5. Don’t make big life changes. When applying for a mortgage, keep your life as stable as possible. Don’t start a new career with a new employer, start your self-employment venture, or quit your current job (no matter how much you may dislike your current position). Basically, don’t do anything that could make you look like a higher risk to lenders.

Remember, when you’re applying for a mortgage, financial stability is one of the key things lenders want to see. So don’t jeopardize your mortgage by doing anything on this list. Wait until after your mortgage is closed and you have the keys to your new home in your hands.

Whether you’re applying for a mortgage or wanting to sell your home, you can find many great real estate tips on our Facebook page. If you’re thinking about buying or selling a home, we can help! Contact us today!

 

Share this page on:

View More

About / Testimonials / Contact

Welcome

Welcome! We are glad you’re here. We developed this website to give you the most up-to-date Napa Valley real estate listings and the most reliable information for home buyers and sellers.

Not sure where to start? Check out our blog, vlog, and articles for information on buying and selling a home, design and staging tips, and real estate investor information.

Ready to buy? Be sure to browse our current listings.We are eager to show you your next Napa Valley home.

Relocating to the area? Read up on all the great communities that make up Napa Valley.

Welcome! We are glad you’re here. We developed this website to give you the most up-to-date Napa Valley real estate listings and the most reliable information for home buyers and sellers.

Not sure where to start? Check out our blog, vlog, and articles for information on buying and selling a home, design and staging tips, and real estate investor information.

Ready to buy? Be sure to browse our current listings.We are eager to show you your next Napa Valley home.

Relocating to the area? Read up on all the great communities that make up Napa Valley.

Is it time to sell your home? Why not have the #1 real estate team represent you?

We’re sure you have questions. And we are here to help. Contact us for information on anything real estate related.

[READ MORE]
About Us

Leading the Pujals team are Jerry and Susan Pujals, who is ranked as the #1 Sales Team for California, Coldwell Banker Brokers of the Valley. Jerry, a Senior Broker, and Real Estate Advisor began his career in real estate with Coldwell Banker Brokers of the Valley in 1997. Susan, a seasoned Real Estate Sales Consultant joined the organization in 2008, which established the formation of The Pujals Team.

Having received national recognition for their performance and many local awards, Jerry and Susan are proud to be affiliated with Coldwell Banker Brokers of the Valley, Napa County’s real estate market leader for more than 20 years.[Read more]

Reviews
“Jerry and his associates are the best! Jerry cares for the individual taking in consideration what the person wants and cares for, making the best choices for you. I truly recommend them because they treat you as family and they make the process so easy for you. They are one of a kind!! We decided...” - Lucy Arreola Read More
“Jerry and Susan Pujals are adept at representing both sellers and buyers in this fast-paced Napa market. We’ve seen their work, both as sellers and buyers, and can affirm they shine in both arenas. The Pujals team just finished helping us through multiple real estate transactions: two homes prepared, listed and sold, and one home...” - Jane Callier Read More