Kathy@TeamRukat.com
    (843) 267-2710

Kathy Rukat Smith, REALTORⓇ

Palmetto Coastal Homes

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5 Things Not To Do When Applying For a Loan

Last Updated on March 27, 2021 by Kathy Rukat Smith

When applying for a loan to purchase a home, there are things you definitely should NOT do. Learn the top 5 things not to do when applying for a loan.

5 Things Not To Do When Applying For a Loan

 

  1. DO NOT make any large purchases including a car or furniture and appliances for your new home. I know it is exciting to pick out items for your new home and get everything lined up for closing. However, the new payment for those purchases (if you buy on credit) could disqualify you from being able to qualify for your loan.
  2. DO NOT stop making payments on your current obligations – rent, utilities, credit cards, student loans, car payments, etc.
  3. DO NOT open any new credit cards. Opening any new credit cards could lower your credit score. Your credit will be re-checked right before closing. A lower score may mean you no longer qualify for your mortgage.
  4. DO NOT make any large deposits or withdrawals that you cannot document.
  5. DO NOT quit or change your job, even if it is for a better one. A change in jobs means you will have to produce 30 days worth of paystubs for the new job. Having to do this could delay your closing.

I hope learning about the top 5 things not to do when applying for a loan will help save you time and lower your stress levels when purchasing a home. Any time you have any questions about a financial decision that you are going to make between when you apply for your loan and when you close on your home, take a few minutes to call your loan officer or REALTOR. Taking those few minutes to explain what you are doing could save you a lot of headaches down the road or even save you from the worst-case scenario which is not being able to qualify for your loan and purchase your home.

As always, contact me if you are interested in buying or selling in Murrells Inlet or the surrounding area or if you are interested in learning more about living at the beach. Have a great day!

“Helping You Find the Sandcastle of Your Dreams!”

 

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Posted in: Buyers, Home Buying Process, Thursday Tidbits, Thursday Tidbits 2021

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About

Kathy Rukat Smith with Palmetto Coastal Homes serves all the areas of the Grand Strand.

  • North Myrtle Beach
  • Myrtle Beach
  • Surfside Beach
  • Garden City Beach
  • Murrells Inlet
  • Litchfield Beach
  • Pawleys Island
  • Carolina Forest
  • Conway

 

Kathy Rukat Smith is a resident of Murrells Inlet and loves everything living at the beach has to offer. She has been selling real estate since 2004.

Kathy uses her local real estate knowledge, technical skills, local connections and strong internet presence to exceed your exceptions and help you succeed in the fast-paced Myrtle Beach real estate market.

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Kathy Rukat Smith with

Palmetto Coastal Homes

4214 Mayfair Street, Suite F, Myrtle Beach, SC 29577

(843) 267-2710
Kathy@TeamRukat.com
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