Don’t change jobs
Changing jobs before or during the loan process can create a real issue in qualifying for a loan, particularly if that job is in a different line of work or is at a lower rate of pay. During the loan process, it can also create time delays as the new job will need to be verified.

Don’t switch banks or move your money around
It is best to leave your money right where it is until your loan is closed. Moving your money to a new bank or even into a new account can wreak havoc with the verification process and delay the loan’s approval.

Don’t pay off bills
Your Financial Specialist will advise you if it is necessary to pay off bills to help you qualify for a loan. He or she will also show you the best way to pay off those bills to make sure we have the evidence we need to prove that the payments were made.

Don’t make any major purchases
Many borrowers make the mistake of buying a new car, new furniture or making another major purchase without realizing the impact it can have on their ability to qualify for a loan. Adding a large monthly payment can affect the amount of money you qualify for and could make it difficult to get your loan approved.

If you must do any of the above four things during the loan approval process, please contact your Paramount Equity Financial Specialist. He or she can advise you of your options and re-qualify you, if necessary.