Guest Author Harry Glanz: How to avoid the most common mortgage mistakes

harry-glanz-2016-colorThe most common mistake people make is NOT having a complete plan in place before shopping for a new home.  A thorough plan is needed for goals and objectives.  Having an effective plan in place entails sitting down with clients to go over income, credit, down payment, job history and all mortgage options tailored to their specific needs.

Once the plan is in place, clients can go out and shop with confidence and a clear understanding of what they can afford, with their mortgage approval in hand.  The next thing is to be honest and have open communication with their Mortgage Banker.  Not doing so is another common mistake.  Nobody wants any unwanted surprises during the mortgage process.

During the process, we advise that clients DO NOT:

  • Change jobs;
  • Increase liabilities;
  • Open up new credit cards;
  • Buy or lease a new car; or
  • Last, but not least, deposit or transfer large sums of money without proper documentation.

These are all common mistakes made by borrowers.

We also advise that clients DO:

  • Keep access to bank statements and other important financial statements;
  • Provide their earnest money deposit from their own personal bank account or acceptable gift funds;
  • Provide all documentation for sale of current home;
  • Notify if they plan to receive gift funds for closing; and
  • Be aware and prepared that a new credit report could be pulled prior to closing.

The mortgage process does not have to be tricky, and with a solid plan in place, it won’t be.


Harry Glanz is President and Co-Founder of Capital Mortgage Funding since 1992 with partner Dan Burke.  Please contact us for any home purchase or refinancing questions.

Address:  17170 W. Twelve Mile Rd., Southfield, MI 48076

Phone:  248-569-7283 or 800-LOW-RATE   Website:

Qualifications and Awards:

  • More than 27 years of mortgage banking experience
  • One of the top mortgage bankers in the U.S.
  • Nominated Entrepreneur of the Year
  • Awarded Crain’s Detroit Business 40 Under 40
  • FHA Direct Endorsed Underwriter
  • Capital Mortgage Funding named Detroit Free Press Best Places to Work
  • Capital Mortgage Funding named One of Detroit’s Top Mortgage Lenders by DBusiness