Mortgage Education: Do’s and Don’ts

Mortgage education is important if you are planning to purchase or wanting to refurbish your beloved home. As closing mortgage loans can run for a couple of weeks or more, you need to be wary of your spending and financial situation as it could greatly benefit you or cause a setback on your loan approval.

Hold Off Financially: Mortgage Do’s and Don’ts that Work

There are a lot of mortgage do’s and don’ts list on the internet and even on written publication. Each one a bit unique from the other but brings in the same suggestion of holding off expenses and keeping your finances stable until final approval of your mortgage loan.

So, in the interest of reiterating the gist of what you should or should not do, here’s a simple list to keep you on track:

  • Avoid credit inquiries due to major purchases or excessive use of credit cards
  • Pay bills on time and maintain a less than 30% credit balance.
  • Do not change jobs. Employment verification is one important requirement prior to approval.
  • Maintain timely payments of bills and obligations.
  • Be honest on your financial status and declare debts and liabilities as warranted.
  • Do not cosign on any loan while yours is still being processed.

Strive to maintain your financial stability and steer away from anything that might decrease your credit score or your chances of getting your mortgage approval. Remember that mortgage do’s and don’ts are only guidelines to assist you in making sound decisions for you and your family.

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