Taking the right steps may not be obvious. Seemingly positive actions may work against us.
Take a look at some of these pro tips below, lest we must learn the hard way.
Congratulations!
Congratulations on taking your first steps toward achieving your goals!
Whether you've already applied or are still not ready, the following will ensure (or most certainly uphold) our progress!
Do!
Commitment
Immediately inform your Loan Officer if there are any changes in your employment, income, or assets.DO NOT!
Take out a huge car loan!
Do NOT make any major purchases or home improvements such as: auto, boat, appliances, furniture, pool, etc., etc!
Do NOT Apply for new credit or loans.
Do!
Keep Rowing!
DO keep living in your current residence and making all mortgage or rent payments and stay current on all existing credit accounts.DO NOT!
Innovate
Do NOT pay off any charge-off accounts, collections, loans, credit cards, or consolidate debt.Do NOT close any credit card accounts, max-out, or over-charge credit accounts.
Do!
Commitment
Be prepared with an explanation for any credit “blemishes” and recent credit inquiries.Also, decide on and choose a preferred homeowner’s insurance provider.
DO NOT!
No sweeping changes:
Do NOT change the source of your Closing Funds.Do NOT deposit large amounts of cash into your own bank account without proper documentation.