03/22/2024
Planning to apply for home financing?
These are 10 key actions to avoid when applying for a home mortgage.
Here are the details for 2 items. If you would like complete information about why you should avoid the 8 others follow this link to the e-book version of my “Step-by-Step Guide to Financing Your Home” and scroll to page 42.
https://solskolnick.book.live/read-mortgage-lenders-buyers-book
Prefer a free printed copy? Just send an email to me [email protected] and share the address to which you want it sent. I will pay shipping (in the U.S.) too.
1. Don’t Apply for New Credit
Whether you’re applying for a new credit card or a vehicle loan or initiate a third-party credit check for new cell phone service, new internet service, etc. causing your credit history to be checked across multiple channels, it will impact your credit score. Your credit score is an important element of your eligibility for a particular loan program and your interest rate.
2. Don’t Close Your Credit Accounts
Closing credit and charge cards can have several consequences. A significant element of your credit report is the depth and length of your credit history. Closing accounts can increase your Debt-to Income ratio and diminish your credit history potentially lowering your score.
3. Don’t Deposit Large Sums of Cash into Your Bank Account
4. Don’t Change Your Bank Account
5. Don’t Make Large Purchases
6. Don’t Change Jobs or How You Receive Income
7. Don’t Co-Sign a Loan
8. Don’t Miss Your Payments
9. Don’t Consolidate Your Bills
10. Don't Lose Sight of Your Documents
