There are a few common mistakes that I see borrower do all too often.  I see it time and time again.  Don't make the mistake that a lot of buyers make.

DON'T BUY A CAR BEFORE GOING HOME SHOPPING

 I can't tell you how many times that I see a new applicant come to me to buy a home.  They say "we're all set.  We just bought a car and now we're ready for a house.  The payment, whether it $200, $200, $400 or $500 per month can have a HUGE negative impact on your ability in two ways.  First, it's another inquiry into your credit which could drop your credit scores.  Secondly, that payment could greatly affect how much you qualify for.  DON'T BUY YOUR CAR until after you get your house!

DON'T FIX YOUR CREDIT ON YOUR OWN

Just this past week I had a new applicant who said that they had some "credit issues."  But they said that they just paid off their car the day before and they've closed a lot of accounts over the past week.  Noooooooooooooooooooo!  Don't let it happen!  Closing accounts will hit you negatively, especially if they're long standing accounts with a good pay history.  What has just happened here is that the borrowers have worsened their credit for a bit!  Yikes!  Daddy No Likey.....now we have even more work to do to get that credit up.

DON'T BUY A HOME WITHOUT A PRE-APPROVAL

iI see this all the time.  "Larry, we just put an offer into the house located at 123 S. Main Street in Saint Charles."  I run their numbers and pull their credit and they don't qualify for that much of a house.  "But we thought we were OK" they'd say.  Why am I the one to dash their dreams.....

REMEMBER....THERE'S 4 BOXES THAT WE NEED TO FILL TO GET YOU APPROVED!!!!

1. Income

2. Assets

3. Credit

4. Appraisal

It's your house!  It's your dream.  Make it happen.  Look before you leap.  If you take a few simple precautions life will be very good for you.  If not.....yikes to everyone involved!!!!