Top 10 Mistakes to Avoid When Securing a Home Loan

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Are you in the process of securing a home loan or considering it soon? Congratulations! It's an exciting journey, but it's crucial to navigate it wisely. In this episode of The Real Estate Huddle Podcast, we unravel the critical dos and don'ts to ensure a seamless home loan transaction.

Join us as we unveil the "Ten Commandments" for a smooth loan process. We'll discuss the top 10 mistakes to steer clear of once you've applied for your home loan. From employment changes to financial decisions, each commandment plays a vital role in safeguarding your loan approval.

Learn why maintaining stability in employment, avoiding major purchases, and staying vigilant about your financial commitments are paramount during this stage. Discover the importance of transparency in your financial disclosures and why maintaining the status quo with your credit profile is essential until your loan is complete and closed.

Through real-life examples and expert insights, we'll guide you through these commandments, helping you understand the rationale behind each one. By embracing these principles, you'll not only enhance your chances of loan approval but also pave the way for a smoother homeownership journey.

Stay tuned for actionable tips and valuable advice to empower yourself in the home loan process. Subscribe to our channel for regular updates and comprehensive guidance on your path to homeownership. Don't miss out on the opportunity to make informed decisions and achieve your homeownership dreams with confidence.

Website referenced in the podcast:

Chapters
00:00 Introduction
00:11 Episode 23: Top 10 Mistakes to Avoid When Securing a Home Loan
00:21 Ten Commandments For A Smooth Loan Transaction
01:10 Home Loans Defined
01:55 1. Thou Shalt Not Change Jobs, become Self Employed or QUIT Your Job(s)
05:10 2. Thou Shalt Not Buy a Vehicle
10:14 3. Thou Shalt Not Become Late on ANY Payments
12:33 4. Thou Shalt Not Reduce Account Balances Below What You Told/Provided to Your Loan Officer
14:25 5. Thou Shalt Not "Forgot" to Include All Debts on Application
16:45 6. Thou Shalt Not Buy "Big Ticket" Items (+$250)
19:17 7. Though Shalt Not Apply for Credit Anywhere Until Your Loan is Complete and Closed
21:24 8. Thou Shalt Not Make "Unusually" Large Deposits Into Accounts Without First Consulting with Your Loan Officer
23:35 9. Thou Shalt Not Close/Open/Change Bank Accounts
24:40 10. Thou Shalt Not Co-Sign on a Loan for Friends or Family
29:01 Outro

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