09/08/2025
Do NOT make these home buying mistakes!
1. A car loan adds to your debt to income ratio. Financing a car could make that number too high, making it harder to qualify for a mortgage.
2. Lenders look for stable income when reviewing mortgage applications. Changing jobs, especially to a different field or role, may seem risky to them as they might doubt if your new income is reliable.
3. Lenders need to verify that your down payment and closing costs come from legitimate sources, like income, savings, or documented gifts. Unexplained cash deposits can make them doubt your financial reliability.
4. A pre-approval shows sellers you’re a serious buyer with financing ready, which can give you an advantage in competitive markets. It also helps you know how much you can afford, so you don’t waste time on homes outside your budget.
5. Most lenders use FICO scores, not VantageScore (what CK uses), to assess creditworthiness. This means Credit Karma’s scores might not match what lenders see when you apply.
Happy house hunting! 🏠 ⭐️
