Educational Material

6 Things Not to Do

​When lenders review your application, they like to see consistency in your finances. 

  • Do not make major purchases like furniture, appliances, jewelry, vehicles or vacations

  • Don't change or quit your job

  • Consult with your mortgage professional before withdrawing, depositing or moving large amounts of money in or out of your bank account

  • Do not pay off debts or collections (unless instructed to do so by a mortgage professional)

  • Avoid using cash for a good-faith deposit - cash is difficult to verify and could result in a closing delay

  • Don't have your credit report pulled too many times - this can hurt your credit score

How Much House Can You Afford?

Before you start shopping for a new home, determine how much you can afford to spend.

  • Here are a few things to consider:

  • Your monthly income

  • Your available funds for down payment

  • Your monthly expenses

  • Your credit score

Tips for Smooth Process

Here are a few tips to help your loan process go quickly and smoothly:

  1. Make sure your credit is in good shape

    • Excellent Credit: 750+​

    • Good Credit: 700-749

    • Fair Credit: 650-699

    • Poor Credit: 649 or less

  2. If you're renting, pay by check

    • Having documented prof of your last 12 months of payments is often required by the lender​

  3. Obtain proof of employment for the past 2-years

    • W2s and tax returns​

    • Paystubs covering 30 days

    • Be prepared to explain any gaps in employment

  4. Avoid large deposits or withdrawals from your bank account

  5. Determine a down payment amount based on your available funds

  6. Obtain a pre-approval letter from a Independent Mortgage Professional

  7. Research a local real estate agent