Five and Five
Five ways to assure loan approval (DO'S)
DO pay your bills on time and start saving.
DO ask your Mortgage Broker about rates, credit decisions, preapproval, and anything related to your real estate transaction.
DO get a copy of your credit report (from all 3 repositories) and look at your FICO scores right away.
DO curtail your spending in the months leading to a home purchase.
DO document any large deposits.
Five ways to assure loan denial (DON'TS)
DON'T screw up your credit.
DON'T change jobs, suddenly decide to work for yourself, or move without telling your Mortgage Broker.
DON'T take advice from the uninformed about rates, or believe "low ball" quotes from loan agents or brokers.
DON'T get into escrow on a property you cannot afford.
DON'T make any big purchases over the next couple of months.