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Mortgage Trust
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    • What Not To Do
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What Not To Do

 

Avoid major mistakes! Things we normally take for granted can cause major upsets and delays during the loan process. Some may even impact your ability to qualify for a loan.

Pre-approval is based upon specific credit and financial information provided to us. If your circumstances change in significant ways, your approval is subject to change too.

To avoid disappointment, seek the advice of your loan officer, and avoid making the following mistakes.

Do not change your job

Changing jobs before or during the loan process is not typically advised. New employment and income will need to be verified, paystubs must be obtained, and this can cause potential delays. For those whose income is significantly based on commissions and bonuses, changing employers creates major uncertainty and may impact your ability to qualify for a loan.

Do not move money around

Do not change banks or move your money around without first discussing it with your loan officer. It is essential that we can verify the source of funds for your down payment and closing costs. Underwriters closely examine deposits and withdrawals from your asset accounts: checking, savings, money market funds, mutual funds, stock statements, etc. Moving money or changing accounts can make it difficult to document your finances, making it necessary for you to provide even more documentation.

Do not make major purchases

At least, not before consulting with your loan officer. Your debt-to-income ratio – that is, the amount of debt you have compared to the amount of money you earn – is a vital factor when obtaining a loan. Whereas a high credit score is a good thing, the lower your debt to income ratio the better. Major purchases, such as a car or large credit card balances, increase your debt to income ratio and can wreak havoc with the calculations we need to approve your loan.

Do not fail to disclose all financial and credit information

Underwriters are incredibly adept at research and due diligence. If they find something you haven’t told us about – and that we could have prepared to address – your loan can go sideways in a hurry.

If you have any questions about what not to do or would like additional information on obtaining a mortgage loan, reach out today and we'll connect you with one of our licensed loan officers!


  • Company State Licenses
  • Privacy Policy
  • Program Disclosures

NMLS Consumer Access

In FL, MN, NC, SD, TX, and UT Mortgage Trust operates and is licensed as Mortgage T, Inc.

Mortgage broker only -- not a mortgage lender or mortgage correspondent lender

This website is for informational purposes only and is not a commitment to lend. Terms and conditions of programs, products, and services are subject to change or terminate without notice. All loans are subject to credit and property approval. Certain restrictions may apply on all programs. Annual Percentage Rate (APR) is calculated on a 365-day year with typical/normal closing costs. Rates and APR are subject to change with adjustments in closing costs. Properties and applicants must qualify. Please note that any rate(s) and fee(s) shown here are available to borrowers with an excellent credit history. The actual interest rate and fees available to you will be based on your credit history and may be different than the rates displayed here. Please consult one of our licensed loan originator for more information.

Mortgage Trust, Inc.    |    NMLS 3250

PO Box 19267    |    Portland, OR  97280

503.488.1800 or 888-990-2684    |    info@mortgage-trust.com

NMLS Consumer Access

In FL, MN, NC, SD, TX, and UT Mortgage Trust operates and is licensed as Mortgage T, Inc.

Mortgage broker only -- not a mortgage lender or mortgage correspondent lender

This website is for informational purposes only and is not a commitment to lend. Terms and conditions of programs, products, and services are subject to change or terminate without notice. All loans are subject to credit and property approval. Certain restrictions may apply on all programs. Annual Percentage Rate (APR) is calculated on a 365-day year with typical/normal closing costs. Rates and APR are subject to change with adjustments in closing costs. Properties and applicants must qualify. Please note that any rate(s) and fee(s) shown here are available to borrowers with an excellent credit history. The actual interest rate and fees available to you will be based on your credit history and may be different than the rates displayed here. Please consult one of our licensed loan originator for more information.