Credit and Loan Approvals

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Credit and Loan Approvals

Credit can be either a peaceful or very scary thing for most homeowners. But especially when the home loan process is involved, credit can be crucial to your rate and approval process. If you'd like to start the process of getting a loan, get pre-approved here.

What most people don't realize is that some of the little things you do can affect your credit in big ways.  Here's a list of things that I reccomend continuing to do and somethings that if you are doing them, you need to stop.  Let's call it the "Do's & Don'ts when it comes to your credit while you're going through a loan process. 


- use your credit normally. If you use a credit card to pay for gas, clothing or other items, continue using the cards.

- make your regular car payment.

- pay your monthly mortgage (or rent)  as usual.

- pay bills on time, and pay the minimum payment

 Don't: This is what I recommend people avoid doing when going thorugh a home loan process:

- don't apply for any new credit cards (even if you're pre-approved)

- don't open any new cards.

- don't transfer balances from one card to another

- don't close any credit cards

- don't max-out or overcharge your cards

- don't consolidate debt into 1 or 2 cards

- don't pay off any loans with credit cards without discussing it with your mortgage consultant first.

Credit and Loan Approvals are the areas that people can make the biggest mistakes while they are trying to buy a new home.  Credit has a large impact on your mortgage approval process, and your mortgage rate. I advise anyone looking to purchase a home to follow these steps to make the home loan process as simple as possible! That's what we strive to do at my Leader One Financial office to make your home buying process as stress-free and easy as possible.  If you'd like to learn more about the home loan process you can check out our KC Loan Tips webpage; we're also on facebook and twitter.

 Credit and Loan Approvals



Posted by

Darren Copeland | Home Loans | Lee's Summit MODarren Copeland, Vice President LeaderOne Financial

4967-B NE Goodview Circle, Lees Summit, MO 64064

(816) 268-4025

KC Loan Tips & Midwest VA Loans


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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I like that you listed everything out point by point in a column. This is a great reminder for buyers.

Aug 24, 2011 09:59 AM #1
Darren Copeland
Leader One Financial - Lee's Summit, MO
Darren Copeland

Thanks Debbie!

Aug 25, 2011 07:46 AM #2
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