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48 Meriden Rd, Suite 1, Middlefield, CT 06455

The Dos and Don’ts when applying for a Home Loan

Do

  • Get prequalified
  • Check your credit report
  • Continue paying your current monthly bills, including rent and utilities
  • Pay all your bills on time: Important to be current
  • Continue making purchases as usual: Banks love consistency, and continuing normal patterns of credit use gives banks a good idea of your spending routines
  • Ask your lender questions: You should be as informed as you possibly can be before your big purchase
  • GET EXCITED ABOUT YOUR NEW HOME!
Don’t

  • Change jobs or become self-employed: Banks love to see income stability
  • Make large purchases such as a car, furniture or jewelry: It may alter your debt-to-income ratio
  • Change bank accounts: It may slow down the mortgage process
  • Move money from one account to another
  • Apply for new credit cards or inquire about limit increases: This may change your credit
  • Deposit cash: deposits need to be explained during underwriting process
  • Withdraw money from your 401K, trust, or gift as funds to close: Confirm first with your loan officer.
Ready to get started?  Call or email us today!
(844) 788-7237
NMLS#117273