Getting a new mortgage for a First-Time Home Buyer can be a little overwhelming with all of the important details, guidelines and potential speed bumps. Since there are so many rules and steps to follow, here is a simple list of Do’s and Don’ts to keep in mind throughout the mortgage approval process:

DO

• Continue working at your current job
• Stay current on all your accounts
• Keep making your house or rent payments
• Keep your insurance payments current
• Continue to maintain your credit as usual
• Call us if you have any questions

DON’T

• Make any major purchases (Car, Boat, Jet Ski, Home Theater…)
• Apply for new credit
• Open new credit cards
• Transfer any balances from one credit or bank acct to another
• Pay off any charge-off acts or collections
• Take out furniture loans
• Close any credit cards
• Max out your credit cards
• Consolidate credit debt

Basically, while you are in the process of getting a new mortgage, keep your financial status as stable as possible until the loan is funded and recorded. Any number of minor changes could easily raise a red flag or cause a negative impact on a credit score that may result in a denied loan. Most importantly, check with your loan officer on even the simplest questions to make sure your loan approval is successful.

If you have any questions about this or if you have any questions you’d like us to answer on our podcast, you can email your questions to team@azmortgagebrothers.com or give us a call at (602) 535-2171. Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.

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Thanks for listening and reading the Mortgage Brothers Show. Let us know if you have any questions you’d like us to answer on this podcast. You can email your questions to Tom@AZMortgageBrothers.com or Eddie@AZMortgageBrothers.com.

Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.

Signature Home Loans LLC does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Signature Home Loans NMLS 1007154, NMLS #210917 and 1618695. Equal housing lender.

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