What NOT To Do When Trying To Qualify For a Home Loan
Whether you are applying for your first home loan at the Lake of the Ozarks or your fourth, there are things you should NOT do when trying to qualify. Our mortgage company in Osage Beach is here to give you a few tips on what NOT to do when trying to qualify for a home loan in this week's blog. Need a Lake of the Ozarks mortgage lender you can count on? Call MHQ - Mortgage Headquarters at (573) 302-9990 today.
Avoid switching jobs.
If you are applying for a home loan, it's important that you hold down a steady job. You need to appear that you have a regular flow of income and if you are changing jobs in the middle of this process it can possibly throw things off.
Avoid opening up any NEW credit cards.
Your credit score can suffer when you open up a new credit card or multiple credit cards for that matter. You should not try to do this when applying for a home loan.
Avoid canceling any current credit cards.
While it may be your first thought to cancel a credit card if you don't use it anymore, you'll want to avoid doing this if you are applying for a home loan. Changes to your credit can put qualifying for your home loan in jeopardy.
Don't miss payments on your current bills.
Just like when you are trying to build credit, it's important that you not only make your bill payments but you make them on time. This can be especially important when you are applying for your home loan because your mortgage lender needs to be able to determine you can make your mortgage payments on time, so if you aren't making your current bill payments on time, it can really "throw a wrench" in things.
Don't make any HUGE purchases at this time.
Avoid making any bigger purchases while you applying for a home loan. For example, try to avoid purchasing a new car or a ton of furniture in the middle of the home loan application process. That can all be done in due time, but right now it's important you qualify for your home loan first.
We will help determine how much of a mortgage loan you can afford, and how much money you can borrow, by taking you through pre-qualifying. We will do this by analyzing your income and debts, your work and residence situations, the funds available for down payment, required reserves, and other considerations. It's quick and to the point; We keep the paperwork to a minimum.
After you are considered eligible, we will prove our confidence in your potential to qualify for a mortgage by presenting you with a Pre-Qualification Letter (also known as a "pre-qual"). Learn more and give us a call today!
Mortgage Headquarters of Missouri, Inc
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
NMLS # 1229111
www.MHQMortgage.com
What NOT To Do When Trying To Qualify For a Home Loan
Avoid switching jobs.
If you are applying for a home loan, it's important that you hold down a steady job. You need to appear that you have a regular flow of income and if you are changing jobs in the middle of this process it can possibly throw things off.
Avoid opening up any NEW credit cards.
Your credit score can suffer when you open up a new credit card or multiple credit cards for that matter. You should not try to do this when applying for a home loan.
Avoid canceling any current credit cards.
While it may be your first thought to cancel a credit card if you don't use it anymore, you'll want to avoid doing this if you are applying for a home loan. Changes to your credit can put qualifying for your home loan in jeopardy.
Don't miss payments on your current bills.
Just like when you are trying to build credit, it's important that you not only make your bill payments but you make them on time. This can be especially important when you are applying for your home loan because your mortgage lender needs to be able to determine you can make your mortgage payments on time, so if you aren't making your current bill payments on time, it can really "throw a wrench" in things.
Don't make any HUGE purchases at this time.
Avoid making any bigger purchases while you applying for a home loan. For example, try to avoid purchasing a new car or a ton of furniture in the middle of the home loan application process. That can all be done in due time, but right now it's important you qualify for your home loan first.
Pre-Qualify For Your Mortgage Loan with MHQ - Mortgage Headquarters
We will help determine how much of a mortgage loan you can afford, and how much money you can borrow, by taking you through pre-qualifying. We will do this by analyzing your income and debts, your work and residence situations, the funds available for down payment, required reserves, and other considerations. It's quick and to the point; We keep the paperwork to a minimum.
After you are considered eligible, we will prove our confidence in your potential to qualify for a mortgage by presenting you with a Pre-Qualification Letter (also known as a "pre-qual"). Learn more and give us a call today!
Mortgage Headquarters of Missouri, Inc4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
NMLS # 1229111
www.MHQMortgage.com
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