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.

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