3 Mistakes That Could Get Your Mortgage Application Denied

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:

  1. Moving your money after you apply for a mortgage
  2. Quitting your day job (or any other job)
  3. Applying for new lines of credit

Scroll down for a closer look at each.

445 3rd Avenue
$1,100,000
  • 4 Bedrooms
  • 6 Bathrooms
  • 6,861 Sq Ft
  • 22.830 Acres

445 3rd Avenue Jasper, Indiana

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Listing courtesy of Steve Lukemeyer from F.C. TUCKER EMGE.

1987 Grandview Drive
$637,000
  • 4 Bedrooms
  • 5 Bathrooms
  • 5,388 Sq Ft
  • 1.064 Acres

1987 Grandview Drive Jasper, Indiana

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Listing courtesy of Steve Lukemeyer from F.C. TUCKER EMGE.

1928 South A Street
$575,000
  • 3 Bedrooms
  • 3 Bathrooms
  • 1,776 Sq Ft
  • 6.260 Acres

1928 South A Street Jasper, Indiana

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Listing courtesy of Arlet Jackle from RE/MAX Local.

634 E Wright Road
$399,000
  • 3 Bedrooms
  • 3 Bathrooms
  • 2,940 Sq Ft
  • 2.530 Acres

634 E Wright Road Jasper, Indiana

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Listing courtesy of Stacey Hurst from RE/MAX REVOLUTION.

307 Newton Street
$360,000
  • 4 Bedrooms
  • 2 Bathrooms
  • 3,490 Sq Ft
  • 0.371 Acres

307 Newton Street Jasper, Indiana

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Listing courtesy of Tama Stemle from RE/MAX Local.

900 Juniper Court
$336,000
  • 3 Bedrooms
  • 2 Bathrooms
  • 1,502 Sq Ft
  • 0.344 Acres

900 Juniper Court Jasper, Indiana

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Listing courtesy of Dara O'Neil from F.C. TUCKER EMGE.

980 S Crestwood Dr.
$334,900
  • 3 Bedrooms
  • 3 Bathrooms
  • 2,734 Sq Ft
  • 0.580 Acres

980 S Crestwood Dr. Jasper, Indiana

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Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.

4667 W Ireland Church Avenue
$334,900
  • 3 Bedrooms
  • 4 Bathrooms
  • 1,568 Sq Ft
  • 1.100 Acres

4667 W Ireland Church Avenue Jasper, Indiana

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Listing courtesy of Marissa Goodness from Carpenter Realty LLC.

920 Brandon Avenue
$270,000
  • 3 Bedrooms
  • 3 Bathrooms
  • 2,548 Sq Ft
  • 0.259 Acres

920 Brandon Avenue Jasper, Indiana

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Listing courtesy of Sandra Cave from RE/MAX Local.

612 W 8th Street
$229,900
  • 4 Bedrooms
  • 3 Bathrooms
  • 2,549 Sq Ft
  • 0.124 Acres

612 W 8th Street Jasper, Indiana

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Listing courtesy of Dara O'Neil from F.C. TUCKER EMGE.

891 Giesler Road
$208,000
  • 2 Bedrooms
  • 2 Bathrooms
  • 1,800 Sq Ft
  • 0.208 Acres

891 Giesler Road Jasper, Indiana

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Listing courtesy of Kevin Bayer from RE/MAX Local.

4862 N US 231 Highway
$198,500
  • 3 Bedrooms
  • 1 Bathrooms
  • 1,086 Sq Ft
  • 0.360 Acres

4862 N US 231 Highway Jasper, Indiana

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Listing courtesy of Kevin Bayer from RE/MAX Local.

1312 Mill Street
$149,900
  • 4 Bedrooms
  • 2 Bathrooms
  • 1,963 Sq Ft
  • 0.101 Acres

1312 Mill Street Jasper, Indiana

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Listing courtesy of Felicia Drew from Carpenter Realty LLC.

470 Charlene Drive
$619,700
  • 5 Bedrooms
  • 5 Bathrooms
  • 4,353 Sq Ft
  • 1.115 Acres

470 Charlene Drive Jasper, Indiana

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Listing courtesy of Brenda Welsh from SELL4FREE-WELSH REALTY CORPORATION.

6272 N Kellerville Road
$599,000
  • 1 Bedrooms
  • 2 Bathrooms
  • 662 Sq Ft
  • 27 Acres

6272 N Kellerville Road Jasper, Indiana

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Listing courtesy of Gary Schnell from SELL4FREE-WELSH REALTY CORPORATION.

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.

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This majestic two story home on nearly 23 acres inside the city limits of Jasper is truly one of a kind. As you come up the winding driveway, the property will "wow" you. Inside the front door you will see the two story-foyer, spacious living room with gas fireplace, and the grand dining room with magnificent chandelier. The huge kitchen has been completely remodeled with custom cabinets, quartz countertop, and all of the appliances a chef would want. The family room provides even more space and also has a gas fireplace. The guest suite on the main floor could also be used as a master suite. Upstairs you will find a master suite with a 19' x 15' walk-in closet loaded with shelves and an island. There are two more roomy bedrooms, both of which share access to a recreation room that would be a kid's dream, along with another full bathroom. The finished basement has a wet bar, large recreation area, and a half bathroom. The freshwater pool was installed in 2014, and comes with a climate-controlled pool house with full bathroom. Like tennis? Serve it up on the like-new tennis court that was resurfaced in 2021. The detached garage also has office space and a loft, which is wonderful for people who work from home but don't want the distractions of home. This fantastic home has all new Anderson windows and new flooring throughout the main floor. Also, the landscaping is irrigated, so go enjoy your evenings doing something fun! $1,100,000 Active

445 3rd Avenue Jasper, Indiana

4 Beds 6 Baths 6,861 SqFt 22.830 Acres

Listing courtesy of Steve Lukemeyer from F.C. TUCKER EMGE.

SPACIOUS Describes this 3 bedroom, 2 1/2 bath home with over 1,800 finished square feet, attached oversize 2-car garage on double corner fenced lot with utility shed in backyard. HiLite of Living room is large wall Fireplace; yet it is semi-open to Dining Room & adjoining equipped kitchen. Half Bath & Massive Laundry are convenient to kitchen and entry from garage. Three Full Size bedrooms and 2 Full Baths are down the hall to the Left of the living area. Many rooms have 'Original Oak Hardwood Floors'! For outside entertaining there is a 10 x 22 covered deck as well as two open concrete patios with access to full lot backyard anxious for a New Owner's Playground and/or Garden Spot. City of Huntingburg E/W/S/G Budget Billing $248/Month. Conveniently located on the 'Walking Trail' from Huntingburg Elementary, Southridge Middle & High Schools Complex into Huntingburg to City Park, Historic League Stadium, Uptown Shopping and Huntingburg Memorial GYM. Don't Miss Your Opportunity On This 'Special Find'! $264,777 Active

102 OAK Street Huntingburg, Indiana

3 Beds 3 Baths 1,808 SqFt 0.689 Acres

Listing courtesy of Delmar Bromm from HOFFMAN & MULLEN REALTY INC.

 

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