Obtaining A Mortgage

When applying for a mortgage you should plan to come to the table with your financial and credit picture as close to squeaky clean as possible. Your goal is to be seen in the best light possible. In short, you aim to present yourself as unquestionable and creditworthy. Does this mean that you should lie about any blemishes on your credit history? By no means!

What you should first aim to accomplish is to demonstrate that any past credit problems (including poor judgment) have been resolved and that a new record of dependability is well under construction. Toward that end, following are three key things not to do when planning to apply for a mortgage.

Do not make a major purchase of any kind. Regardless of how tempting it seems, do not incur additional debt, even if your debt load is currently manageable. It does not matter whether you intend to purchase appliances, jewelry, a great vacation or even an expensive wedding, do not increase debt. Conserve your cash and, whatever you do, don’t buy a car!

Do not move money between accounts beyond what you would do during a normal month. Leave your funds where they are currently until after you speak with a loan officer. You will save yourself the time and energy it takes to explain these transactions to the loan officer and to dig up the documentation for every deposit, withdrawal and transfer.

Do not change jobs. That is do not change jobs without careful consideration as to the timing of your loan application. Changing jobs will not affect most people’s ability to qualify for a mortgage loan but, depending on the situation, it could disrupt the application process.