Learning all the do’s and dont’s of buying a house can be overwhelming. However,  it doesn’t have to be complicated. MortgageRight is here to help you with credit do’s and dont’s before applying for a loan.

DO . . .
  • Continue to make your rent or mortgage payments.
  • Stay current on all existing accounts.
  • Get your documentation in order. This will allow your loan process to move along more efficiently.
  • Keep working for your current employer.
  • File your tax returns and keep copies.
  • Continue to use credit as usual.
  • Call us if you have any questions.
DON'T . . .
  • Make any major purchases before your loan closes.
  • Open any new lines of credit. The inquiry on your credit can ding your score. Beware that signing up for a new gym or cell phone plan will likely result in a credit inquiry.
  • Try to consolidate your debts. Decreasing your available credit can negatively affect your credit score.
  • Close any lines of credit.
  • Pay off any debts without consulting your lender.
  • Make any large cash deposits into your bank account. This can raise red flags with underwriting.
  • Move large sums of money between accounts.

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