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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March 28, 2010 by · Leave a Comment

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About Thomas

My experience with the mortgage industry will make the financial process as smooth, and effortless as possible. I am here to make the finances of your mortgage less daunting, and more comprehendible. I have worked with many people to discuss everything from financing a new home, to refinancing a current mortgage. My experience and resources will help you find the best interest rate and mortgage options for your situation. Feel free to contact me if you have any questions about mortgages, and refinancing. I am here to help you through the mortgage process; whether you have general questions about the current market, or more in-depth questions about your circumstances. Contact me today to find out how I can help you finance your new home or refinance your current mortgage.

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