Mortgage Don’ts

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Some helpful financial tips for when preparing to purchase a home and take out a new mortgage:


APPLY FOR NEW CREDIT Changes in credit can cause delays, change the terms of your financing or even prevent closing.  If you must open a new account (or borrow against retirement funds) please consult with your loan officer first. Please know you would not be the first person to lose their house by buying a new car while in escrow!
CHANGE JOBS DURING THE PROCESS Probationary periods, career or even status changes (such as from a salaried to a commissioned position, leave of absence or new bonus structure) can be subject to very strict rules. It is not uncommon for the loan company to call your employer very close to your closing date to verify or even re-verify your terms of employment!
MAKE UNDOCUMENTED DEPOSITS  Primarily large but sometimes even small deposits must be sourced unless they are identified.  Make copies of checks and deposit slips.  Keep your deposits separate and small.  Avoid depositing cash.  The lender will continue to collect current bank statements all the way until closing!
EVER BE AFRAID TO ASK QUESTIONS  If you’re uncertain about what you need or what you should do, call your loan officer or real estate professional and seek guidance.

Ready to take the first step and find out what type of loan program might be right for you?  Would you like to know what your current buying power is?  Not sure if it’s the right time?  We are happy to provide you with a list of local, professional and proven loan officers to help fill in the blanks.  Just email us a request at and we will send it right over.

We’ve been connecting qualified Buyers and Sellers in the Temecula Valley since 1998.  This includes, Temecula, Murrieta, Menifee, Sun City, Wildomar, Winchester and Lake Elsinore.  We’re just a phone call away.  (951) 522-0518 for April or (951) 522-6308 for Gary and we’re here to help!


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