Here is a checklist of a few items you should be aware of when you are preparing to apply for a home loan.
1. DON'T MAX OUT or OVER CHARGE on existing credit cards.
2. DON'T CHANGE or Quit your current job. If you do change, make sure you will get at least one pay stub from your new employer prior to your closing. Some investors are wanting to see at least one pay stub instead of new employment contracts to verify new salary.
3. DON'T APPLY for new credit of any kind.
4. DON'T get PRE-APPROVED with several mortgage companies. Several credit inquiries could cause your credit scores to go down. If you are shopping the mortgage companies on fees and rates, each lender can give you a good faith estimate to review instead of doing a full loan application with eachone of the companies.
5. DON'T CLOSE all your credit cards accounts.
6. DON'T make any LARGE DEPOSITS into your checking or savings accounts. The underwriters will want to source any large transactions to see where those fundscame from. If you are going to have a large deposit transaction, please speak to the lender regarding this so the transaction can be sourced correctly to avoid future problemsduring the loan process.
7. DON'T make any LARGE PURCHASES.
8. DON'T go and sign up for CONSUMER CREDIT COUNSELING. Yes, this program has wonderful benefits but you must have at least 12month history of on time payments with them.
9. DO STAY CURRENT on existing accounts.
10 DO call me, your loan officer if you have any questions. I'm here to help you!!!!