There are so many rules in life, especially when you are looking to buy a home! Below is a list of a few things you should NOT do if you are thinking about buying a home.
1. Swipe the credit cards
You do not want to charge anything big (boat, car, furniture, appliances) to your credit cards before closing on a home. Even be very careful with minor expenses. If you do need to obtain new credit it is important to talk with you trusted loan officer first.
2. Shuffle your money around
When applying for a loan, don’t start moving large amounts of money around. Your account activity is recorded multiple times during the process and if something seems suspicious or unnatural it could harm your chances of approval.
3. Fall behind on bills
Don’t let a late payment or missed payment collapse your deal. Payment history is a very important part of your credit score.
4. Co-signing loans
When you co-sign a loan you are taking financial responsibility for someone else’s debt. It is especially risky during the mortgage lending process because that is another monthly obligation into your overall affordability.
5. Switching up your profession
Make sure your job is stable and try not to switch in the middle of your mortgage process. Stable, reliable income makes for the easiest experience.
For additional information or to schedule an appointment for mortgage prequalification or refinancing, call Premier Mortgage Lending at 485-6600 or visit www.PremierMortgageLending.com.
Premier Mortgage Lending, NMLS #393282, is located at 8689 W. Sahara Ave., Suite 100, Las Vegas, 89117. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.