3 Things to NOT do Before Applying for a Mortgage
Applying for a mortgage is one of the biggest steps you’ll take when purchasing a home. Luckily, you don’t need to take this step alone. When you’re ready to apply for a mortgage, follow these tips to make sure you’re in the best position possible to get a loan that works for you.
What NOT to do When Getting a Home Loan
- Open a credit card: According to Realtor.com, opening a new credit card can cause your credit score to drop by as much as five points. This may seem small, but it can be the difference between having your mortgage application approved or denied.
- Make a major purchase: Your credit score is greatly impacted by the amount owed; so don’t spend large sums on credit while in the process of buying a house. Even the purchase of new furniture right before closing can cause your lender to withdraw the loan at the last minute.
- Change jobs: Mortgage lenders generally like applicants to have at least two years of steady income. Even if the new job has increased pay, a change in employment can make an applicant appear riskier. If you’re thinking about changing jobs, wait until you’re approved, closed, and moved into your new home.
Getting a Mortage Should be Easier
At Colony Reserve, we believe that getting a mortgage shouldn’t be overly difficult. That’s why we work with home loan experts that can help you get into the home of your dreams.
Contact us today to learn more about the mortgage and financing options available at Colony Reserve — the townhome community that’s heralded as the Best Value in The Palm Beaches.