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5 Tips for a Smoother Mortgage Application Experience
- If you’re considering a job change or a shift to self-employment, it’s best to wait until after you close on your new home to make your move. Lenders need to see stability in your employment history to feel confident that your loan payments will be made.
- While knowing your credit score is important, too many inquiries by yourself or others can endanger your score and the approval of your application. Applying for credit cards and even signing up for new services like a cell phone can all trigger a credit inquiry.
- Delay making purchases like furniture, electronics or a new vehicle. Adding debt from major purchases like these is at the top of the list of what not to do before buying your home.
- Avoid opening new bank accounts, making large deposits, or even shifting money between existing accounts. Keeping your financial activity consistent is the easiest way to ensure a successful home buying experience.
- Don’t obligate yourself to potential debt by co-signing a loan for anyone. Just because you aren’t the primary person on the loan, you’re the first person the lender will come to for payment if needed.