Navigating the mortgage pre-approval process can be tricky, especially if you’re a first-time homebuyer.
Avoid these common pitfalls to increase your chances of getting pre-approved and learn how to fix them:
💳 Racking Up Debt: High credit card balances and new loans can hurt your chances. Keep your credit utilization low and avoid new debt before applying.
📉 Low Credit Score: A poor credit score can result in denial or higher interest rates. Work on improving your score by paying bills on time and reducing debt.
🔍 Inconsistent Income: Lenders prefer stable employment. Avoid switching jobs or taking unpaid leave during the pre-approval process.
📑 Incomplete Documentation: Missing paperwork can delay or derail your application. Have all necessary documents ready, like tax returns, pay stubs, and bank statements.
💸 Big Purchases: Hold off on major purchases like cars or furniture. Large expenses can impact your debt-to-income ratio and hinder your approval chances.
Need help navigating the pre-approval process? Contact me for expert advice and get on the right path to homeownership! 🏠✨ #MortgageTips #HomeBuying #RealEstateAdvice #FirstTimeHomebuyer
318.451.2385 DIRECT
Southern Homes & Land R.E.
BROKER/OWNER
joanndeville@gmail.com