Ruth Karel Chicago Real Estate » Advice on mortgage application no-nos http://chicagorealestateviews.com Chicago condo, coop, townhouse, single family home real estate by Ruth Karel Mon, 02 Aug 2010 19:22:29 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 MORTGAGE APPROVAL PROCESS NO NOS http://chicagorealestateviews.com/2009/04/01/mortgage-approval-process-no-nos/ http://chicagorealestateviews.com/2009/04/01/mortgage-approval-process-no-nos/#comments Wed, 01 Apr 2009 18:23:13 +0000 Ruth Karel http://chicagorealestateviews.com/?p=1267 Lowered interest rates have caused a great rush of re-financing applications for lenders.  Many lenders are just not equipped to handle the volume of business that is flooding in and it can take as much as 60 days to complete the application process.  30 days was normal as little as a few months ago.  Mortgage applicants must remember that mortgage approvals can be revoked until the actual time of the funding.  The difference between approval and denial can be small.  Here are eight things you absolutely MUST NOT do during the application process:

  1. Do not buy a new car or take a bigger lease.
  2. Do not quit your job and change industries.
  3. Do not go to a mainly commissioned job from a salaried job.
  4. Leave your money where it is–don’t transfer it from one bank account to another bank account.
  5. Pay your bills–even if there is a disupte going on.
  6. No new credit cards–no matter how enticing the offer.
  7. Accept no cash gifts without being sure to have the proper gift paperwork.
  8. Don’t make undocumented deposits into your bank account.

If you must do one of the no-nos, let your loan officer know.  For example, your car lease is expiring and you need to sign another for a larger car, just keep your loan officer aware.

Questions about Chicago real estate? Unashamed self promotion–twenty years of experience have made me a person to contact–312-981-2360 or e-mail me.

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