When applying for a mortgage, it’s important that you be on your best behavior financially. You (and potentially your partner) are going to scrutinized under your lender’s magnifying glass, and anything out of the ordinary could cost you. You may be charged a higher interest rate, or be declined completely. So, what do you nee to look out for? Read this post by Miranda Marquit at Bible Money Matters for the worst mistakes that first time home buyers can make when applying for a mortgage:
-Neglecting your credit- the first thing you should do before house hunting is check your credit score.
-Failure to season your assets- they will look carefully at all of your income and assets. They want to know where your money is coming from, and that you will be able to make regular payments.
-Forgetting to consider the entire cost of the home- don’t forget to include homeowners insurance and property taxes.
-Quitting your job or applying for more credit.