Certain things can affect your ability to qualify for a mortgage. It’s very important to follow these guidelines until your loan has closed and funded
Do:
- Continue to pay all of your monthly bills on time
- Keep track of bank deposits and statements
- Find, organize, and have on hand documents such as W2s, 1099s, tax returns and other statements related to your investments and your finances
- Get pre approved before looking at homes so you know how strong your buying power is. This also ensures you’re looking at homes that meet your budget goals
- Keep communication frequent and open when working with your mortgage team
Don’t:
- Apply for any new lines of credit such as credit cards, auto loans or other purchase offers
- Deposit or withdraw large amounts of cash without talking to your Loan Officer first
- Change jobs, your pay structure or employment status
- Charge current credit accounts/cards to the maximum limit
- Make large purchases such as cars, appliances, or furniture
- Take debt consolidation action or pay off collections or charge-offs