Do and Do Not tips for a smooth loan approval

When buying a home the most intimidating thing can be getting and maintaining a pre-approval during the whole sales process. Yes we said maintaining! Just because you have a pre-approval does not mean you can just go on your way and do whatever you want. Here are some important items to keep in mind from the point of pre-approval all the way through the closing of the home loan.

DO continue making your mortgage or rent payments
DO hire a professional real estate agent to help
DO keep great records of everything
DO stay current on all existing accounts
DO keep working at your current employer
DO keep your same insurance company
DO continue living at your current residence
DO continue to use your credit as normal
DO call your real estate agent or mortgage professional if you have any questions
DO NOT make a major purchase (ex. car, boat, jewelry, etc.)}
DO NOT apply for new credit (even if you seem pre-approved)
DO NOT open or close any credit card accounts
DO NOT transfer any balances from one account to another
DO NOT max out or over charge on your credit card accounts
DO NOT consolidate your debt onto 1 or 2 credit cards
DO NOT open or close any installment loans
DO NOT pay off charge offs without a discussion with your mortgage pro first
DO NOT pay off collections without a discussion with your mortgage pro first
DO NOT pay off loans or credit cards without discussing your mortgage pro first
DO NOT buy any furniture on credit
DO NOT open or close any bank accounts
DO NOT start any home improvement projects
DO NOT open a new cellular phone or gym membership accounts

While this list should help and act as a guide always remember to reach out to your mortgage pro or your agent to ensure you are making the right choice. Keep in mind that this process should be easy and low stress if you follow these guidelines. If you are ready to get a pre-approval or already have one and are looking for a real estate agent please reach out to Movementum Realty we would be happy to represent you. If you fear the cost of a real estate agent remember the best part is the buyer’s agent is paid for by the seller meaning you get an agent at no cost to you most of the time in Massachusetts.

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