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Top Don'ts for Getting a Good Mortgage


We Discussed the Top Do's in the Last Section So Now We Will Discuss the Top Don'ts Associated With Loan Applications.

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    Paramount to your successfully getting the loan of your choice, do not make any big purchases in the months prior to making your mortgage application. If a purchase requires you to take out loan, such as for an automobile, or it depletes the savings that are intended to be the down payment on your prospective mortgage, this is a financial move that needs to be reconsidered and avoided at all costs. Any activity like this will look bad to the mortgage lender's automatic credit scoring systems. Further, human underwriters don't want to see you adding hundreds OF dollars per month to your monthly expenses. Try to always keep your total debt service to 36% of your gross monthly income for the best results and for your own financial heath.

  2. Relative to what your payments may currently be, do not expect to have your loan request granted if you are going to be increasing your monthly mortgage payments by any considerable amount. Lenders are afraid that such a jump in payment expectations is unrealistic and posses a greater risk on their part. Experience has shown them that they will be at greater risk for it.

  3. Don't think that being prequalified is the same as being preapproved. So many people make this judgment error and fall short of their goal of getting fully approved. Be certain that you are prepared for the scrutiny of, and accomplish, the entire approval process, which includes a full credit check and report, a check of your debt-to-income ratio and all the other underwriting steps that may be required BY your prospective lender. All of this will help you to obtain a loan and lock in a rate and terms that are suitable to you.

  4. Before deciding on whether to seek 15 or 30-year terms be honest with yourself and take note of your own financial personality. A 30-year mortgage and the way it is structured may not be the best route for you to take if you are an easy spender and not a conscientious saver. By going with the shorter term and higher payment you may be better off.

  5. In keeping with point four above, and knowing what your financial personality is, don't ever forget that home ownership and financial responsibility go hand in hand. The ramifications of defaulting on a loan are much greater than the penalty of missing a rent payment. Make certain that you are well prepared to go the distance and to do whatever it may take, or sacrifice whatever you may have to give up, to satisfy your mortgage obligations.

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