5 Credit Keys For Your Dream Home

Buying a home is a big decision. If you are in the early stages of the home buying process or maybe just thinking about buying your dream home, here are some tips that can help you save money and ensure a smooth approval process:

Keep your job.

Your income needs to be verified as part of the loan process. Changing jobs, becoming self-employed or quitting your job could prevent you from closing as expected.

Preserve your credit picture.

Missing payments, letting credit card balances grow or applying for additional credit can impact your credit score and whether you qualify for a loan. Work to pay down debt and make timely payments to ensure your credit history is at its best.

Avoid large purchases.

It may be tempting to start buying furniture for your new place, but wait until after you move in. And don’t purchase or lease a new vehicle prior to closing as that will also affect your credit ratios and may prevent you from closing.

Maintain your bank accounts.

Opening new accounts, closing accounts, changing banks, or making large deposits (outside of your paycheck) can cause headaches during the mortgage process. Keep the accounts you have, and if you have a large deposit, call me to discuss the best way to document it.

Communicate with your mortgage banker.

Sharing information that could affect your loan with your mortgage banker is critical. From changes in marital or job status to travel plans before closing, being upfront from the start will make the process easier.

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