So you’ve made the decision to apply for a mortgage? Or maybe you’ve been pre-approved for a home loan. If either of these scenarios apply to you, then let me be one of many to say congratulations! Once you’ve embarked on the mortgage application or pre-approval process, there are certain things you should and should not do. The factors listed below may either help or hinder your chances of home loan approval. Be sure to consult with your loan officer before making any financial decisions.
- Quit your job, get terminated, or change jobs
- Apply for credit cards or loans of any kind
- Do no co-sign for any debt
- Close any trade lines (credit accounts)
- Make sure you make all payments for any revolving credit on time or early
- Call and ask your lender before making and financial decisions, because your debt to income ratio can be affected
- Shop for a mortgage with up to 3 lenders within 2 weeks or less