Home buyers don't always understand home loan pre-approval. Assuming home buyers already know what to do or not do isn't wise. One mistake could be the difference between buying your new home or not. Here are a few quick tips:
- Always owe less than what you earn.
- Keep your total available credit high. Owe 30% or less.
- Tell your lender about any debts you owe.
- Do not make new purchases such as home furniture or a new car until AFTER your loan funds.
- Continue to pay all bills on time.
- Do not place any large sums of money in your bank account.
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