Mortgage Do’s and Don’ts

 

Congratulations! You are purchasing a new home! Between the time you receive a mortgage pre-approval and settle on your new home, keeping your finances in order is an important task. Many things can affect your credit score and income-to-debt ratio.  

Here are some tips:

•     • Do not open up any new credit cards – even if you don’t have to make payments for a number of months. This will affect your credit score.
•     • Do not close any of your credit card accounts, even if they have a $0 balance. This could  change your percentage of available credit, credit                           history and account payment history.
•     • Do not take out any loans or make large purchases.
•     • Do not make any large cash deposits without being able to explain, and prove, where the money came from.
•     • Do not start a new job until you speak with your lender first – even if it’s at a higher pay rate. You want to know how this will affect your                               mortgage approval.
•     • Do pay all of your bills on time. 
•     • Do keep all of your financial documents organized, including bank statements, pay stubs, proof of earnest money and any other documents                             your lender will need.
•     • Do keep your lender aware of any major life changes such as marital status or change in income.

 

Please note, this information is provided as a courtesy and should not be solely relied upon for home buying advice or information. Please consult with your financial, tax, legal and/or mortgage and real estate professional for more details. mortgages credit history