Obtaining a mortgage is a very thorough process. The following is a list of some basic things to do, and just as importantly, not to do during and leading up to obtaining a mortgage.
DO
Make sure you do do the following:
- Always continue to make ALL monthly payments on time
- Save and submit all future paystubs
- Save and submit all future bank statements (all pages)
- Keep copies of all submitted documents
- Call your loan advisor at any time with questions or concerns
- Have a ‘paper trail’ for funds coming in and out of your bank accounts
- Get pre-qualified before looking at homes
DO NOT
Make sure you do NOT do the following:
- Do not apply for or attain any new credit
- Do not increase the amount of existing debt
- Do not allow creditors to run your credit – multiple “hits” may affect your score.
- Do not make any cash deposits
- Do not change jobs, become self-employed, or quit your job
- Do not make any large purchases (cars, furniture, etc)
- Do not co-sign a loan for anyone
- Do not change your bank accounts
- Do not spend your closing funds