The Loan Doctors Team

First-Time Home Buyer Credit Checklist

Getting a new mortgage for a First-Time Home Buyer can be a little overwhelming with all of the important details, guidelines and potential speed bumps.

Since there are so many rules and steps to follow, here is a simple list of Do’s and Don’ts to keep in mind throughout the mortgage approval process:

DO:

  • Continue working at your current job
  • Stay current on all your accounts
  • Keep making your house or rent payments
  • Keep your insurance payments current
  • Continue to maintain your credit as usual
  • Call us if you have any questions

DON’T

  • Make any major purchases (Car, Boat, Jet Ski, Home Theater…)
  • Apply for new credit
  • Open new credit cards
  • Transfer any balances from one credit or bank acct to another
  • Pay off any charge-off accts or collections
  • Take out furniture loans
  • Close any credit cards
  • Max out your credit cards
  • Consolidate credit debt

Basically, while you are in the process of getting a new mortgage, keep your financial status as stable as possible until the loan is funded and recorded.

Any number of minor changes could easily raise a red flag or cause a negative impact on a credit score that may result in a denied loan.

Most importantly, check with your loan officer on even the simplest questions to make sure your loan approval is successful.

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March 28, 2010 by · Leave a Comment

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About The Loan Doctors

The Loan Doctors is a team of very experienced Senior Loan Officers who have mastered the art of qualifying clients that would not otherwise qualify anywhere else. Much of our business comes from builders, when they cannot qualify their clients with their in-house lenders, and our Real Estate Agents, when their clients get declined with other mortgage companies. We understand that many potential home-buyers do not have perfect credit or perfect job history so we have built our whole entire business helping these home buyers that no one wants to help. We believe that credit should never be the reason why you are not able to achieve your dream of purchasing a home. When it comes to rebuilding your credit & restoring your dignity you need a team of experts behind you every step of the way. We are prepared to listen to you with compassion & understanding to help you move forward to a brighter future. During our consultation, we create a customized written plan for each client. Our staff will then follows up with each client regularly to ensure that the borrower is properly following on our recommendations. Our goal is to help our borrower's to get back on the road to financial recovery straightaway as soon as possible.

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