5 things you're doing wrong with your Mortgage Loan application

5 Things You’re Doing Wrong With Your Mortgage Loan Application and How to Fix Them!

Not Getting Preapproved:
- Mistake: Starting house hunting without preapproval.
- Fix: Get preapproved before you start shopping. This shows sellers you’re serious and helps you understand your budget.
Ignoring Your Credit Report:
- Mistake: Not checking your credit report for errors.
- Fix: Review your credit report for inaccuracies and dispute any errors to ensure your score is as high as possible.
Underestimating the Costs of Homeownership:
- Mistake: Only budgeting for the mortgage payment.
- Fix: Factor in all costs, including property taxes, insurance, maintenance, and utilities.
Applying for New Credit:
- Mistake: Taking out new credit before closing your mortgage.
- Fix: Avoid applying for new credit or making large purchases before your loan closes to maintain your debt-to-income ratio.
Providing Inaccurate or Incomplete Documentation:
- Mistake: Submitting incomplete or incorrect information.
- Fix: Double-check all documentation for accuracy and completeness before submitting your application.