Things You Shouldn’t Do Before Applying for a Mortgage in Utah

Things You Shouldn’t Do Before Applying for a Mortgage in Utah

April 30th, 2015 | Home Buying Tips, First-Time Homebuyers

If you’re getting ready to buy a home, there are a lot of things you should do, such as getting pre-approved for a home loan. But there are also a few things you don’t want to do.

Change your job. Now is not the right time to become self-employed, to quit your job or to even switch jobs. Utah mortgage brokers want to see job stability, which means you’re less likely to default on your loan.

Co-sign on a loan. Even if you’re not the one who will be making the payments on a loan, if you’re a co-signer, you’re financially responsible for repayment. Co-signing on a loan will increase your debt-to-income ratio, which will decrease the amount you’ll be able to borrow.

Make a big purchase. Making any big-ticket purchase on credit during the home-buying process isn’t a great idea because it increases your debt-to-income ratio. Anything big you buy with cash is less money you can use for your down payment or closing costs. It also limits the amount of money you can use to demonstrate an adequate cash reserve, a requirement for most types of loans.

Make any big (unexplained) deposits. Money that will be used for your down payment should have been sitting in your account for at least two months.

Your Local Utah Mortgage Broker

As a Utah mortgage broker we work with several different mortgage lenders, enabling us to offer you a variety of mortgage programs at the best mortgage rates and lowest fees available. Working with several lenders allows us to offer more options to help you achieve your goals. Whether you're buying a new home or refinance your current home, Advanced Funding is here to help. Our loan professionals are available to help you during regular business hours or time that is more suitable to your needs. Call today for more information, 801-272-0600.


Veterans Affairs mortgages, better known as VA loans, make it easier for veterans to get financing to buy a home. Utah VA loans usually do not require a down payment and are available to military veterans and active military members. The Utah VA mortgage remains one of the few mortgage options for borrowers who don’t have the money for a down payment. VA loans are somewhat easier to qualify for than conventional mortgages. It offers a great benefit to those who are serving or have served our country.

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Salt Lake City, UT 84121


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