Shopping for a new home is an exciting time, but did you know you need to get a pre-approval letter from a mortgage broker to see most homes for sale? Here are tips on what not to do from mortgage broker Jennifer De Vries before seeking a mortgage. Do not…
- Open or close any new credit lines.
- Move money frequently around between accounts in the most recent 60 to 90 days.
- Make “cash” deposit into one’s account unless it can be documented.
- Deposit a large amount (especially cash) into your account unless you can provide the source and document paper trail of the funds and the donor.
- Do not co-sign for others on their mortgage, student loans, and/or installment loans, etc.
- Do not change the way income is earned or paid. For example, from an employee (W2) to consultant (1099).
After you get your pre-approval letter, do go find your dream home!