Dos & Don’ts When Applying for A Mortgage Loan
Certain things can affect your ability to qualify for a mortgage. It’s very important to follow these guidelines until your loan has closed and funded
Do:
Continue to pay all of your monthly bills on time
Keep track of bank deposits and statements
Find, organize, and have on hand documents such as W2s, 1099s, tax returns and other statements related to your investments and your finances
Get pre approved before looking at homes so you know how strong your buying power is. This also ensures you’re looking at homes that meet your budget goals
Keep communication frequent and open when working with your mortgage team
Don’t:
Apply for any new lines of credit such as credit cards, auto loans or other purchase offers
Deposit or withdraw large amounts of cash without talking to your Loan Officer first
Change jobs, your pay structure or employment status
Charge current credit accounts/cards to the maximum limit
Make large purchases such as cars, appliances, or furniture
Take debt consolidation action or pay off collections or charge-offs
**Don't be afraid to reach out to your loan officer if you're unsure of something! We're here to help :)
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