First-Time Home Buyer Credit Checklist

For a first-time home buyer, the entire process of acquiring a new mortgage can be quite overwhelming. There are a hundred details to keep in mind, various guidelines and some unavoidable hurdles that you will encounter. Since there are so many considerations, take a look at these buying first home tips and list of Do’s & Don’ts you can follow right through the mortgage approval process and it might help in easing smoothening the path a bit:

 

DO:

  • Continue working at the job you are at

  • Keep all your accounts updated

  • Ensure that you make all your house/rent payments on schedule

  • Ensure that your insurance payments are current

  • Maintain a steady credit – bad credit negatively impacts a loan approval

  • Call Res Mac Home Loans if you need any questions answered

DON’T:

  • Make any major purchases such as a boat, car, home theatre, jet ski etc

  • Open any new credit cards

  • Apply for additional credit

  • Transfer balances from 1 bank account to any other

  • Take out loans for furniture

  • Pay off any collections or charge-off accounts

  • Close any of your credit cards

  • Max-out on credit cards

  • Consolidate your credit debt

Maintain Your Credit- worthiness

One of the most important buying first home tips is that when you are in the midst of applying for a new mortgage, your financial status should be stable till the point your loan gets funded & recorded. Any bad credit/ the inability to make the required down payment can put a damper on your home buying plans. Looking at your credit-worthiness and ensuring that it stays that way is the best way to eliminate some of the uncertainty surrounding the approval of your loan.

There could be instances where even certain minor changes can have a negative impact on your credit rating which could lead to your loan being denied. It’s also important that you get the smallest of doubts about the loan process cleared with your loan officer and maintain a simple buying first home guide. This will go a long way in making your loan approval successful. Speak with experts at ResMac Home Loans for any other information you need.