3 Things NOT to Do if You’re Going to Apply for a Mortgage

If you’re buying a farm or house for sale in Northern Florida, check out these three things not to do before you apply for a mortgage.

Applying for a mortgage is a big deal, and these are three big mistakes a lot of buyers make before they start filling out paperwork:

Moving large amounts of money
Applying for new credit
Getting a new job

Moving Large Amounts of Money

When you apply for a mortgage loan, your lender will wan tto see that you have plenty of cash standing by – at least enough to cover your down payment. Hoever, moving money around can make things confusing. Keep everything where it was when you applied so the underwriters don’t have to keep coming back to you for new bank statements and more proof that you have the money.

Applying for New Credit

Lenders want to see a good credit score when they let people borrow the money to buy a home. When you apply for new credit, you’re dinging your credit score – and it can take time to bounce back. The lower your credit score is, the higher the interest rate on your new loan will be. Try not to apply for new credit unless it’s absolutely necessary. And don’t forget, a lender can back out of the deal right until the last minute, so wait until after you’ve signed the dotted line on your mortgage paperwork.

Getting a New Job

Don’t change jobs when you’re applying for a mortgage. Your lender will most likely want to see at least two years at your current job – and even if you’re already under contract on a home, the lender could pull out of the deal.

Are You Buying a Home for Sale in Lake City?

If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.

In the meantime, check out the most popular Lake City home searches by exploring the links below.

3 Things NOT to Do if You’re Going to Apply for a Mortgage