First-Time Home Buyer Credit Checklist
Getting a new mortgage for a First-Time Home Buyer can be a little overwhelming with all of the important details, guidelines and potential speed bumps.
Since there are so many rules and steps to follow, here is a simple list of Do’s and Don’ts to keep in mind throughout the mortgage approval process:
DO:
- Continue working at your current job
- Stay current on all your accounts
- Keep making your house or rent payments
- Keep your insurance payments current
- Continue to maintain your credit as usual
- Call us if you have any questions
DON’T
- Make any major purchases (Car, Boat, Jet Ski, Home Theater…)
- Apply for new credit
- Open new credit cards
- Transfer any balances from one credit or bank acct to another
- Pay off any charge-off accts or collections
- Take out furniture loans
- Close any credit cards
- Max out your credit cards
- Consolidate credit debt
Basically, while you are in the process of getting a new mortgage, keep your financial status as stable as possible until the loan is funded and recorded.
Any number of minor changes could easily raise a red flag or cause a negative impact on a credit score that may result in a denied loan.
Most importantly, check with your loan officer on even the simplest questions to make sure your loan approval is successful.
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Related Articles – Home Buying Process:
- Home Buying Process
- Assembling Your Home Buying Team – Knowing The Players
- Seven Things Your Agent Should Know About Your Mortgage Approval
- Important Factors To Consider When Getting Financing On A Foreclosure, Short Sale or New Construction
- Where Does My Earnest Money Go?
- HOA Hurdles to be Aware of When Looking at New Properties
- What You Need To Know About The Home Inspection Process
March 28, 2010 by Myra McBain · Leave a Comment
With 20 years experience in the mortgage business in Sonoma Co., I know that getting a new home loan is a big deal...whether it's your first property or your 10th! You can count on me to do everything possible to simplify the process and help you make the best decision for you and your family. Let's work together to accomplish your goals!
