Applying for a Real Estate Loan – 10 absolute DO NOTS!

by Stephanie Bilane, REALTOR®

When applying for a real estate loan, there are red flags the lenders look for that could jeopardize your application.  The following list of 10 Do NOTs was originally compiled by the team at Keller Williams to help you avoid being denied a loan.

KW’s list (with slight modifications) contains such important advice, I wanted to post it on the Bilane Blog.

  1. Do NOT change jobs, become self-employed, or quit a job.
  2. Do NOT buy a car, truck, or van (or you may be living in it!)
  3. Do NOT use charge cards excessively or let your accounts fall behind.
  4. Do NOT spend money you have set aside for closing.
  5. Do NOT omit debts or liabilities on your loan application.
  6. Do NOT buy furniture.
  7. Do NOT originate any inquiries into your credit.
  8. Do NOT make large deposits without first checking with your loan officer.
  9. Do NOT change bank accounts.
  10. Do NOT co-sign a loan for ANYONE!

Stephanie Bilane

With a career encompassing over 35 years in client service, Stephanie Bilane, Realtor® has been representing buyers and sellers with KW since 2011. Stephanie, together with her team, provides unparalleled attention to detail, a keen understanding of current market conditions, and judicious negotiation skills that combine to make the home sale process as effortless as possible.