Common Mistakes to Avoid During the Mortgage Process

Chris Schalkle - Mortgage Consultant

Today I wanted to quickly address common mistakes made by consumers while they are either purchasing a home or refinancing. An important factor, if not the most important factor in determining if you qualify, is your credit. Credit blemishes can sometimes be easily explained with a letter of explanation and will not disqualify you from obtaining a loan. Bankruptcies and foreclosures, however, are a little tougher to get past. But one of the most common things that will make the process harder, and could even prevent you from qualifying, is obtaining new debt during the loan process.

 

Most clients believe that once their credit is pulled to qualify for a mortgage, it gives them the green light to go and finance a car, or make large purchases on a credit card. This is a definite no-no while in process. The truth is, your credit will be pulled again just before the final loan documents…

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