Mortgage Do’s and Don’ts – Know Your Role!
It’s that time of year: the housing market is about to ramp up in a big way! Is this the year that you and your family move into your ‘forever’ home? Buying a home means qualifying for a mortgage - make sure that your actions prove to your lender that you’re financially responsible.
- DO pay your credit cards bills on time. Every time you miss, it is reflected on your credit report.
- DO keep all of your money right where it is. Moving things around requires explanation. Explanation requires paperwork. Paperwork stinks.
- DO keep a positive balance in all of your checking and savings accounts – no one like a ‘goose egg’.
- DON’T open new credit cards. Not even if you save 10% on your purchase for doing so. Just say NO!
- DON’T buy a car. Even if you pay cash. Most home loans close within 30-45 days. Your mother taught you that patience is a virtue. Finalize your mortgage, then get some new wheels.
- DON’T get pre-qualified, get pre-APPROVED. If a Pre-Qualification is like giving someone your word, a Pre-Approval is the same as putting it in writing.
For more information on how to buy the right way, DO call your MidWest Lending Loan Officer. Our experts will guide you through the process from the moment you fill out an application, until you shake hands and accept the keys to your new home.