You’ve probably heard that the regulations are easing up for mortgage qualification and hopefully you are now ready to go out and find your dream home! Here are some guidelines that may help you avoid making any wrong moves. A mortgage pre-approval is only the first step. Now you need to make sure the final approval comes through.

Did you know that underwriting now requires lenders to update your credit report within a few days of closing? Any new inquiries will require lenders to verify if you have acquired new debt, as well as verify any significant adverse changes to your credit profile including significant balance or payment increases prior to your closing on your mortgage. Significant changes can delay the closing of your loan and could impact your loan approval.

The Dos:

• Continue to pay your existing mortgage (refinance)
• Contact your lender before acquiring any new debt (making any purchases)
• Respond to your lender’s request for documents quickly

The Do Nots:

• Have additional non-mortgage related inquiries to your credit
• Apply for any new loans, auto loans, mortgages, or credit cards
• Make any major purchase using credit
• Buy anything on a 12 or 24 month no-interest, no-payment promotion
• Change jobs or change your pay structure without speaking with your lender first
• Pay off any collections or close any accounts unless you speak with your lender first
• Bounce checks
• Make any large deposits to your accounts until you talk to your lender

Hopefully these tips will keep you on track to your dream home. Henderson Properties has a full service real estate team to help you find your dream home and get through the mortgage process. You can reach us at 704-544-0253 or email info@hendersonproperties.com.