Preparing to Buy your Dream Home
1. DO check your credit and clean up anything that should not be on your report. We are all entitled to one free credit report per year. Use it BEFORE deciding to buy a home. If you have any disputes get them addressed and removed from your credit, or remove them.
2. DO tell your mortgage consultant or loan originator about all debts and liabilities including: credit cards, loans, car payments, student loans, lease agreements, etc.
3. DO continue to make all your payments on time.
4. DO contact your mortgage consultant before changing jobs, quitting your job, becoming self-employed, or if there are any changes to your income.
5. DO continue to save your money and do not make any major changes in lifestyle or spending habits.
1. DON’T authorize any inquiries into your credit except from mortgage lenders.
2. DON’T apply for any new financing including: credit cards, furniture, appliances, cars, boats, cell phones, cable, alarm companies, etc.
3. DON’T incur any additional debts, including increases in credit card balances or co-signing for others.
4. DON’T close any open accounts.
5. DON’T sign up with any credit repair or “consultation” companies.
6. DON’T spend money you have set aside for closing.