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 rent payments on time
- Continue to maintain your credit as usual - no late payments
DON’T:
- Make any major purchases (Car, Boat, etc.)
- Apply for new credit
- Open new credit cards
- Transfer any balances from one credit or bank acct to another
- Make large deposits ($200 or more) that can not be sourced
- Pay off any charge-off accts 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. Contact me with any questions you might have throughout the process so that you don't do anything that may cause you to be denied.
Leo Namiot - Connecticut Mortgage Specialist
Mortgage Banker
www.LeoLends.com
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