| Never do these 10 credit mistakes that can cost your dream home:
1. Don’t apply for new credit such as setting up lines of credit with furniture stores, home improvement centers and the like.
2. Don’t make any large purchases with credit
3. Don’t pay off collections or ‘charge offs’
4. Don’t close credit card accounts. If you close credit accounts, it might appear that your debt ratio has gone up.
5. Don’t max out or overcharge credit card accounts. Keep credit card balances below 30 percent of the limit during the loan process.
6. Don’t consolidate your debt.
7. Do not close accounts, open new accounts or change banks altogether.
8. Don’t deposit cash into your bank accounts. If the money is from a family member, it must be accompanied by a gift letter. If it is cash from any other source, the lender will need to verify its’ source before it hits your account. In the same way, buyers should not arbitrarily transfer money from one account to another.
9. Don’t co-sign loans with anyone
10. Avoid things that will cause a red flag to be raised by the scoring systems, including changing the name or address, missing payments, making late payments or changing spending patterns.
Call us at (480) 205-2234 to schedule your initial consultation. We can help you by getting you pre-approved even as you look for your new home and also figure out the best loan program for your needs.
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