Smart Moves: Navigating Homebuying Pitfalls with Precision
Beginning on the journey of homeownership comes with its set of challenges, and steering clear of common pitfalls is crucial for a smooth pre-approval stage. Let's dive into a proactive guide that ensures your homebuying journey is streamlined while minimizing the paperwork hassle.
Three ways to save yourself a headache when starting your mortgage application
Income Insights:
When it comes to your employment situation, stability is the name of the game:
Avoid making significant changes to your job, working fewer hours, or transitioning to self-employment.
Have your ducks in a row when it comes to income documents, primarily W2’s/Paystubs.
Make sure to know what jobs you have been at and the dates for the last 2 years.
Be honest about income, dishonesty does not help us get you qualified. Everything is looked at during underwriting. Just tell us the truth and we will try to figure it out!
Credit Caution:
Maintaining the status quo with your credit profile is key:
Resist the temptation to pay off credit cards to zero after approval, as this can impact your credit score.
Steer clear of acquiring new credit cards, auto loans, furniture loans, or any additional loans.
Avoid closing existing credit accounts.
Keep your credit lines from maxing out.
Bank Account Best Practices:
Efficiently managing your bank accounts can simplify the loan application process:
Refrain from depositing cash without proper documentation.
Minimize unnecessary transactions and money transfers between accounts.
Once your down payment is in a designated account, maintain stability and limit transactions.
While overcoming some of these actions is possible and may still qualify you for a home loan, it's always wise to consult your loan officer first to secure confirmation of continued approval. Safeguard your homebuying journey with these strategic measures.
For expert advice and personalized assistance, connect with me today!
