The Big Bad "DO NOT" List for Obtaining a Mortgage

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When buying a home, most people need to finance their purchase with a mortgage. Qualifying for such a loan isn’t necessarily an enormous feat, but there some big “no-no’s” to avoid when you are ready to purchase a house with a mortgage. Read on…


  • Open new lines of credit or take out any new loans (auto, credit cards, etc.)

  • Make large deposits in your bank accounts that are not easily sourced (i.e. if you sell your car and get a chunk of cash from that in your bank account, make sure you have a bill of sale)

  • Change jobs without seeking council from your lender first…this one is crucial!

  • Pay late on any bills

  • Run your own credit report

What you SHOULD do is:

  • Schedule an initial consult with a lender and get pre-qualified or, even better, pre-approval

  • Seek their advice on any financial decisions you make in the meantime

  • Communicate with them quickly and openly and when they request a document for their underwriters, return in as soon as possible (in other words, within 24 hours)

Since buying a home is often dependent on obtaining financing, it’s vital to follow these pointers above. Remember that the loan is never guaranteed until the documents are signed and you've got the kays to thie place. Make sure you get there successfully! Keeping these tips in mind puts you in the best position possible to buy and makes your life WAY easier and fun when looking for a new home.

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