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 account to another
- Pay off any charge-off accounts 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.
Born and raised in Southwest Florida, I have been in the Mortgage business since 2001 I'm a grizzly, battle tested mortgage veteran. I am also the Host of Rates & Reels, which is the most popular fishing show in Southwest Florida, hosted by a guy named Tim. In my spare time I love spending time with my family, coaching baseball, and anything else my kids or wife want me to do. I would be happy to help you or someone you know with any of your Mortgage needs.
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