7 Tips To Remember Before Applying For A Mortgage

Dated: 01/12/2016

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Getting a loan in today is not as easy as it once was. Small little blips can mean the difference between getting a mortgage or not. Here are a few tips to follow when getting ready before you buy your next home.

Do Stay Current On Existing Accounts One 30-day notice can cost you.

Do Continue To Use Your Credit As Normal Changing your pattern will raise a red flag and lower your credit score.

Do Call Your Mortgage Professional before making any address or credit changes.

Don't Apply For New Credit Every time you have your credit pulled by a potential creditor or lender, you can lose pointsfrom your credit score. This includes co-signing for a loan. 

Don't Close Credit Card Accounts If you close acredit card account, it may appear that your debt ratio has gone up. Closing a card will affect other factors in the score, including credit history.

Don't Pay Off Collections Or “Charge-Offs”. If you want to pay off old accounts, do it through escrow. Request a “letter of deletion” from the creditor. 

Don't Max Out Credit Cards - Try to keep your credit card balances 30% below their limit during the loan process. If you pay down balances, do it across the board.

Getting pre-qualified for a mortgage should be done early in the buying process. Contact me for a list of local lenders that have a proven track record of good service and great rates. Judy Griffin, Keller Williams Realty Emerald Coast, 850-685-8595.

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