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Do's and Don'ts of Home Financing [Infographic]
Lenders take the lead at guiding new homebuyers through the mortgage loan process. Yet, there are a few things that are good to know about what to do and what not to do during the mortgage process. Here are some tips to help pave the way to your home loan approval.
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Infographic Text
Do's and Don'ts of the Mortgage Loan Process
|
Do |
Get loan pre-approval. |
Apply for loan pre-approval with a lender. It shows you’re a serious buyer. |
|
Don’t |
Assume you can afford your pre-approved loan amount. |
Consider expenses you’ll have on top of a mortgage |
|
Do |
Create a budget. |
Look at all your expenses to know what you can spend on a home. |
|
Don’t |
Overlook the true costs of home ownership. |
Renovations, repairs, property taxes and insurance can add up. |
|
Do |
Ask questions before signing. |
Ask the lender all questions you have about the closing documents. |
|
Don’t |
Open a new line of credit. |
Financing a car or opening credit cards can lower your credit score. |
|
Do |
Consult your lender before a job change. |
Quitting or getting a new job can hamper a pending loan. |
|
Don’t |
Miss or make late bill payments. |
Keep your credit good during the loan process. |
|
Do |
Get organized. |
Gather tax returns, pay stubs and other requested documents. |