Things To Watch Out For When Getting A Loan

Things To Watch Out For When Getting A Loan

  • Things to watch out for when getting a loan:  There are many things that can cause a problem when getting a loan.  Here is a quick list so you do not have any issues with your loan.

  • Applying for any other loans, credit cards or anything that requires your credit to be pulled.

  • Spending the money that you have in your checking and savings that was used for your loan approval.

  • Spending the money that you need for your down payment.

  • Spending the money that was used for reserves on your loan application.

  • Having your ending statement balances lower than your loan qualifying balances.

  • Increasing your balance and minimum payments on your credit cards.

  • Changing your employment from 40 hours a week to less than 40 hours a week.

  • Changing your compensation to bonus or commission from salary and hourly wages.

  • Not having your down payments, reserves or bank balances seasoned for 60 days.

  • Having employment or income discrepancies on your documents (and not telling your LO).

  • Not having your last two years of taxes filed.

  • Not disclosing ownership in the company that you work for.


  • Angela D Niece Headshot
    Author:
    Phone: 612-508-4100
    Dated: July 22nd 2016
    Views: 130
    About Angela D: ...

    Property Search








    RSS Feed

    View our latest blog posts in your RSS reader. Click here to access. RSS

    Search Blog

    Recent Blogs

    Saved Properties

    This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

    Click 'Save' to add a property to this list.

    Register / Login

    New & returning visitors please enter your information to login.

    By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

    Questions? Comments? Complaints?

    This message will go directly to the head of our team.

    Location & Address

    Trust Real Estate Team
    11200 W 78th St
    Twin Cities, MN
    612-255-6230
    952-829-1700

    Other Locations