Getting a new mortgage for a homebuyer 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, below is a simple list of Do's and Don'ts to keep in mind throughout the mortgage approval process:
-Continue working at your current job (no changes)
-Stay current on all your accounts
-Keep making your current housing payments
-Keep your insurance payments current
-Continue to maintain your credit as usual
-Call us if you have any questions
-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 account to another
-Payoff any charge off accounts or collections
-Take out furniture loans
-Close any credit cards
-Max out your credit cards
-Consolidate credit debt
While you are in the process of getting a new mortgage, keep your financial status as stable as possible. Any number of minor changes could easily raise a red flag or cause a negative impact on a credit score or cause delays.
Your mortgage loan officer will walk you through any questions.
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