Two Biggest Mortgage Mistakes

There are two big morgage mistakes that can be made when buying a White Lake home for the first time:

1.) Quit your job. Do not quit your job during the time you put in an offer and before you close. After you close on the house you can do anything you want. But if you want the house, do not quit your job. The bank or lender will verify your employment right after closing. So if you decide to quit your job, HR is going to tell the bank you no longer work there. No longer work there - NO LOAN!

2.) Incur more debt. Once you apply for a loan do not buy anything else on credit. NOTHING. Do not go buy furniture for a new house. Do not buy a new car. Do not order new things through a catalog and put them on your credit cards. All spending should be put on hold until you close on your loan. Lenders today are doing double checks on everything. If they pull another credit report during the process and you debit ratios are off then you are not going to get the loan. Many years ago I have this happen where the buyers went out and bought a car and furniture during the process. The bank denied their loan after it was in process because of their excessive debt. 

So please so not quit your job or incur more debt after you put in a purchase agreement. Just my warning so you can get your loan for your new White Lake home. 

 Here are Oakland County Lakes T - Z Check them out and see if any of them suit your needs in a lakefront property.

Leonard Lake

This Cooley Lake Video will provide you with great info on Cooley lake in White Lake Mi.

Duck Lake Orion Twp

use this valuable tool for your next home search Lake Map home search

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