Getting Ready for Your Mortgage
What you should know when you're getting ready to buy a home
The more prepared you are, the easier the loan process will be. Many changes have occurred in the past few years!
- Gather your documents in one place
Be Smart with your money - every money decision can affect your ability to obtain a mortgage.
2 Months before applying for your mortgage:
- No Cash Deposits into your bank accounts
- No Major Purchases - Yes, that includes a car. Buy the garage before the car.
- Be careful when trasferring money - NO cash advances, no bank overdrafts
Pay Down Revolving debt/credit cards. Goal is 30% of availabale credit. This improves credit score(s).
Don't Change Jobs Voluntarily. If getting transferred, ask about "trailing spouse" if your spouse works.
Don't Close any Accounts.
- This sounds counterintuitive, but lenders want your status to remain as consistent as possible.
Getting a mortgage can seem overwhelming. The Mortgage Loan Process to follow.
As always, we are always here to help you walk through the loan process, buy a home (whether it's your first or fifth!) or to sell your home. We can even refer you to an agent in another area or state if needed.