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The Dos and Don'ts of the Mortgage Process

Larry Mastropieri

Larry Mastropieri is co-founder of Real Estate Group in Boca Raton, Florida...

Larry Mastropieri is co-founder of Real Estate Group in Boca Raton, Florida...

Aug 1 5 minutes read

Buying a home and applying for a mortgage can be stressful...Credit scores, bank statements, interest rates, closing costs and more can easily become overwhelming. That’s why we are offering you a quick list of dos and don’ts to help you cut through the noise and create a stress-free mortgage process, so you can focus on finding your dream home!

Do: Get Pre-Approved before you begin looking for a home
Don’t: Go house shopping without knowing what you can afford

When you get pre-approved for a mortgage loan early in the homebuying process, you identify exactly how much house you can afford. Plus, you can make a stronger, more competitive offer with a pre-approval letter—since a lender has already verified your income and assets to ensure that you can make the monthly payment.

Do: Work with home buying professionals
Don’t: Go it Alone

Consider professionals such as real estate agents, home loan officers, and home inspectors as your guides. Each brings a unique outlook and skill set to coach you through the home buying process

Do: Understand Your Credit
Don’t: Open or close credit Lines without Consulting a Professional

It is important to understand your overall credit report when applying for a home loan. You can request a free credit report from each of the three major credit bureaus. That way, if you see something inaccurate, you can resolve the issue before applying for a loan. Avoid opening new lines of credit, closing credit lines, or making major purchases on your credit cards before or  during the home loan process. Be sure to include all liabilities, income, and debts on your mortgage application.

Do: Make A Savings Plan
Don’t: Make Major Purchases

Focus on saving money - not spending during the home buying process. You may need additional funds for things like down payments or closing costs that you did not initially factor into your home price. Don’t make large purchases - such as buying a car - during this time as it could negatively impact your credit.  

Do: Maintain Your Current Income & Employment
Don’t: Quit or Change Jobs

Applying for a mortgage is all about showing stability and consistency. The process goes more smoothly if you keep your job and income steady, while avoiding major changes like quitting your job. Amending your tax returns during the mortgage process can also slow down your application process. If you do make a change, you may need a new loan approval. Be sure to consult with your loan officer if you do lose your job or need to change jobs.

Remember: your real estate agent and your loan officer want you to feel confident and informed throughout the home buying process. Ask as many questions as you like, always be honest, and don’t panic. The mortgage process may seem daunting and confusing, but your loan officer is there to help you through the process. Trust the professionals, keep all communication open, and learn what you can about the process. You may find it is less difficult and less stressful than you thought. 

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