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CREDIT GUIDE

  • DO start with speaking to your lender and begin the pre-qualification process. This way, you’ll be given an estimate of what you can afford. You’ll be asked to provide documents to support your initial application to verify your disclosed information such as income, assets, work history, etc. This way, once you find your dream home, you have an advantage against other buyers by having an application that is lender-approved for that price range.

  • DON’T jeopardize the process by looking at homes before you are pre-approved. It’s easy to get attached and view homes before the mortgage is official, but the pre-approval process is essential for creating a realistic price range. This is a common mistake and sellers may not take you seriously without a pre-approval letter in hand. Additionally, you may be surprised at what you can afford once a pre-approval is issued and you have a professional lender review your application to determine this.

  • DO plan ahead for unexpected financial issues. This can be a large hindrance to the mortgage application process and create unnecessary obstacles. Outlining ahead of time your deposits, mortgage repayments, as well as other large costs that may be in the near future will keep your expenses and budget in order.

  • DON’T make large purchases that could affect your asset availability. This could lead to not having sufficient funds to close and delay your closing date and create avoidable hurdles in the mortgage process. This also applies to your credit rating if drastic changes are made to it, such as financing large purchases.

  • DO consider your current credit rating and try to improve it at any chance you get. Ignoring important details like inaccuracies and discrepancies can severely damage your credit rating which could infringe on the mortgage application process. When your credit is pulled, make sure to double-check for these issues and take the necessary steps to correct any conflicts or complications on your credit report. Having an accurate and current credit report us essential for your lender to review your application appropriately.

  • DON’T engage in taking out new lines of credit or financing large purchases or making late payments. Doing so could lower your credit rating and obstruct the mortgage process as well as notifying a lender about the reliability of a mortgage application. This is a common ruin of many deals on contracts and is easily avoidable if you are supervising your credit report carefully.

  • DO ask questions to your mortgage lender or broker! Questions are encouraged for you to fully understand what is needed from you for a smooth application process. Being confident in your financial commitments is essential for you to be able to make informed decisions during one of the largest purchases of people’s lives.

  • DON’T expect to know the mortgage process all at once and try to learn it on your own. Your lender or broker is there for you to ask questions and to receive answers from qualified professionals.

  • DO provide the necessary documentation to prove you have a reliable flow of income and a stable job to show you can afford to take out a loan. Not providing these could result in having your loan denied or delay the approval process.

  • DON’T make large changes to your employment status or decisions that could impact your income stability. This includes changing careers or quitting your job before you move into your home. Doing so can completely throw off the entire mortgage process. However, changes such as promotions or accepting new or other sources of income would not adversely affect your mortgage application.

  • DO keep track of any material or paper trails that show you’ve made any income or career changes. This helps prove that these changes were your own decisions such as large purchases, money deposits, asset statements, or any other documentation that your lender may ask of you.

  • DON’T alter any income, lifestyle, or accounts that are off record; make sure that any substantial changes to these are traceable and on paper. Proof such as checks, bonus paystubs, wire transfers, or any other proof of deposits or withdrawals will help lessen the request for additional documentation.

  • DO seek help from qualified professionals when making one of the largest purchases of your life! Ensuring that all legal work needed will avoid any headaches in the future with missing documentation and last minute items.

  • DON’T try and go through this process alone. There are multiple resources for your benefit to aid you in your home buying process. Hiring professionals to undertake the task of making you a homeowner is crucial to receiving quality work without missing anything.

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