3 Mistakes That Could Get Your Mortgage Application Denied
It’s no secret that the mortgage application process is complex and often difficult. But did you know that there are a few simple mistakes that could get your application denied? This guide explains three of the most common mistakes people make when applying for a mortgage and how to avoid them.
3 Mistakes That Could Get Your Mortgage Application Denied
Three of the biggest mistakes that could get your mortgage application denied include:
- Moving your money after you apply for a mortgage
- Quitting your day job (or any other job)
- Applying for new lines of credit
Scroll down for a closer look at each.
938 E Jasper Dubois Road Jasper, Indiana
5 Beds 4 Baths 5,700 SqFt 6.100 Acres
Listing courtesy of Kevin Bayer from RE/MAX Local.
3289 St Charles Street Jasper, Indiana
4 Beds 4 Baths 3,906 SqFt 0.595 Acres
Listing courtesy of Annette Wigand from ERA FIRST ADVANTAGE REALTY, INC.
1928 S A St. Jasper, Indiana
3 Beds 4 Baths 3,376 SqFt 6.258 Acres
Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.
1441 N Wheatland Drive Jasper, Indiana
4 Beds 3 Baths 3,009 SqFt 1.560 Acres
Listing courtesy of Judy Gosman from RE/MAX Local.
5070 W Alder Creek Drive Jasper, Indiana
4 Beds 3 Baths 4,208 SqFt 1.500 Acres
Listing courtesy of Stephanie Hasenour from RE/MAX Local.
4536 W 150 N Jasper, Indiana
4 Beds 4 Baths 2,986 SqFt 1.482 Acres
Listing courtesy of Stacey Thieman-Wright from THIEMAN REALTY.
1525 Grandview Drive Jasper, Indiana
3 Beds 3 Baths 4,132 SqFt 0.354 Acres
Listing courtesy of Stacey Thieman-Wright from THIEMAN REALTY.
3237 Dogwood Drive Jasper, Indiana
3 Beds 4 Baths 4,326 SqFt 0.675 Acres
Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.
247 N Westlin Drive Jasper, Indiana
3 Beds 3 Baths 2,849 SqFt 0.999 Acres
Listing courtesy of Annette Wigand from ERA FIRST ADVANTAGE REALTY, INC.
836 W 20th Street Jasper, Indiana
3 Beds 3 Baths 4,376 SqFt 0.590 Acres
Listing courtesy of Elizabeth Mehringer from RE/MAX Local.
1245 W 6th Street Jasper, Indiana
4 Beds 3 Baths 3,610 SqFt 1.300 Acres
Listing courtesy of Steve Wigand from ERA FIRST ADVANTAGE REALTY, INC.
872 S Countryside Drive Jasper, Indiana
3 Beds 2 Baths 3,498 SqFt 2 Acres
Listing courtesy of Linda Schroering from CENTURY 21 SCHROERING REALTY.
3255 E State Road 164 Jasper, Indiana
4 Beds 3 Baths 2,944 SqFt 1.024 Acres
Listing courtesy of Zach Holt from Whitetail Properties Real Estate.
1911 S A St. Jasper, Indiana
3 Beds 2 Baths 1,468 SqFt 0.314 Acres
Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.
1761 Sugar Pine Drive Jasper, Indiana
3 Beds 2 Baths 1,829 SqFt 0.346 Acres
Listing courtesy of Ryan Craig from RE/MAX Local.
Mortgage Mistake #1: Moving Your Money After You Apply for a Mortgage
When you apply for a mortgage, lenders will closely examine your financial history. This includes looking at your bank statements and tax returns to get an idea of your income, debts, and assets.
If you move money around after you apply for a mortgage, it could raise red flags with lenders. They may think you’re trying to hide something or that you’re not as financially stable as you appear.
To avoid this mistake, leave your money where it is until after you’ve closed on your mortgage.
Mortgage Mistake #2: Quitting Your Day Job (or Any Other Job)
Lenders want to see that you have a steady income and a good employment history. If you quit your job, it could make lenders question your ability to repay your mortgage.
Even if you have another job lined up, quitting before you close on your loan is a risky move. If something falls through or you have a gap in employment, it could delay or even derail your mortgage application.
The best way to avoid this mistake is to keep your current job until after you’ve closed on your loan.
Mortgage Mistake #3: Applying for New Lines of Credit
When you apply for a mortgage, lenders will pull your credit report and look at your credit history. If you’ve recently applied for new lines of credit, it could make lenders question your financial stability.
Lenders may also think you’re trying to take on more debt than you can handle, which could increase the risk of defaulting on your loan.
To avoid this mistake, wait to apply for new lines of credit until after you’ve closed on your mortgage.
Are You Thinking of Buying a Home in Dubois County?
Use our site to search homes for sale in Jasper, Dubois, Spencer, Martin and Davis counties, as well as all the surrounding communities. Unlike the “big name” sites out there, at Sell 4 Free Welsh Realty, our site is directly connected to our local MLS. We update it with new homes every hour.
Sign up for new listing alerts so you can stay on top of the newest homes for sale – and get price change alerts so you can stay ahead of other buyers and beat them to the hottest deals!
Start Your Home Search Here
Popular Jasper, Indiana Home Searches:
- Homes for sale Evansville, IN
- Southern Indiana homes for sale
- Santa Claus, Indiana cabins
- Homes for sale Newburgh, IN
- Homes for sale Dubois County, Indiana
- Homes for sale in Jasper, Indiana
- Homes for sale in Huntingburg, Indiana
- Ferdinand, Indiana homes
- Farms for sale in Indiana
- Homes for sale in Santa Claus, Indiana
Newest Homes for Sale in Dubois County
View the newest homes listed in Dubois County in the last 10 days:
705 S 5th Street Holland, Indiana
2 Beds 1 Baths 828 SqFt 0.610 Acres
Listing courtesy of Sandra Cave from RE/MAX Local.
1805 Field View Court Ferdinand, Indiana
3 Beds 2 Baths 1,475 SqFt 0.312 Acres
Listing courtesy of KaraHinshaw from Key Associates Signature Realty.
2336 Poplar Avenue Jasper, Indiana
3 Beds 2 Baths 1,704 SqFt 0.570 Acres
Listing courtesy of Steve Lukemeyer from F.C. TUCKER EMGE.