DALLAS, TX. – There’s no denying that right now is a fantastic time to buy a home in Dallas thanks to low mortgage interest rates but if you’re planning on applying for a mortgage loan there are three things that you should avoid doing if you don’t want to face the real prospect of losing your mortgage loan.
#1 – Don’t Change Your Job
Although you may have been planning a career change for some time now one of the WORST things you can do when applying for a mortgage is to change jobs because every lender will look at your ability to repay your mortgage loan and want to see that you have a stable employment history.
You can still change jobs in the future but to avoid any problems with your lender it’s best to postpone a job change until after you’ve been pre-approved and purchased a home.
#2 – Don’t Let Your Credit Score Decline
Besides staying with your current employer for now you should also continue monitoring your credit score “like a hawk” because a decline in your credit score by even 10 points can mean that you could be faced with paying a higher mortgage payment every month.
To keep your credit score high it’s best to pay your bills before they are due or set them on auto-pay because this will ensure that you won’t end up having late bills which could impact your credit score.
#3 – Don’t Take On New Debt
Last of all, but most important, one final thing you don’t want to do when applying for a mortgage loan is take on new debt because new debt will only add to your debt to income ratio and if that exceeds 43% you could find that your lender will disapprove your mortgage loan.
If you absolutely have to make new purchases like a vehicle, car, boat or RV you should postpone those purchases until after you have bought your dream home.
Buy a Home in Dallas
To get started with buying a home in Dallas contact me, Heath Olinger, Realtor® with Rogers Healy and Associates by calling me at (972) 523-1389 or click here to connect with me online.
Author:Heath Olinger Phone: 972-523-1389 Dated: October 18th 2016 Views: 398 About Heath: Growing up in Tarrant County and later moving to Dallas County, Heath is well versed in the Dallas-F...
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Rogers Healy and Associates Real Estate is a DFW based residential and commercial real estate company that was founded in 2007 by Rogers Healy. RHAdfw is passionate about developing long lasting relationships with clients while representing them to buy, sell or lease any home in DFW.