Getting a new mortgage for a First-Time Home Buyer can be a little overwhelming with all of the important details, guidelines and potential speed bumps.
Since there are so many rules and steps to follow, here is a simple list of Do’s and Don’ts to keep in mind throughout the mortgage approval process:
DO:
Continue working at your current job
Stay current on all your accounts
Keep making your house or rent payments
Keep your insurance payments current
Continue to maintain your credit as usual
Call us if you have any questions
DON’T:
Make any major purchases (Car, Boat, Jet Ski, Home Theater…)
Apply for new credit
Open new credit cards
Transfer any balances from one credit or bank acct to another
Pay off any charge-off accts or collections
Take out furniture loans
Close any credit cards
Max out your credit cards
Consolidate credit debt
Basically, while you are in the process of getting a new mortgage, keep your financial status as stable as possible until the loan is funded and recorded.
Any number of minor changes could easily raise a red flag or cause a negative impact on a credit score that may result in a denied loan.
Most importantly, check with your loan officer on even the simplest questions to make sure your loan approval is successful.
