Home-buyers should avoid several costly mistakes when applying for a mortgage. Key points include not changing jobs or careers, as this can raise red flags for lenders. Avoid applying for new credit cards or closing major credit accounts, as these actions can negatively impact credit scores. Refrain from making large purchases or deposits before closing, as they can affect debt-to-income ratios and raise questions from lenders. Lastly, ensure timely bill payments and maintain open communication with your lender to avoid jeopardizing your mortgage application.
Continue to full article