{"id":125,"date":"2021-09-19T20:10:58","date_gmt":"2021-09-19T20:10:58","guid":{"rendered":"https:\/\/mhc.fbcmortgagellc.com\/2022\/10\/19\/mortgage-dos-and-donts\/"},"modified":"2025-10-20T13:58:27","modified_gmt":"2025-10-20T13:58:27","slug":"mortgage-dos-and-donts","status":"publish","type":"post","link":"https:\/\/northwayhomeloans.com\/mortgage-dos-and-donts\/","title":{"rendered":"Mortgage Do’s and Don’ts"},"content":{"rendered":"\t\t
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Ready to purchase your dream home? Learn the Mortgage Do’s and Don’ts when it comes to applying for a home loan. Let\u2019s make sure you\u2019ve navigated the first steps: understanding mortgage rates<\/a>, learning the loan types<\/a>, and reviewing the steps in the loan process<\/a>. Now, you\u2019re ready to apply for a mortgage and make an offer on your dream home. Sounds like a cause for celebration! But, before you pop the champagne and start with the redecorating ideas, let\u2019s talk about the Mortgage Do\u2019s and Don\u2019ts when applying for a mortgage and buying a home.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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THE DO\u2019S<\/strong><\/h4>

DO Review Your Credit Report<\/strong><\/p>

You are entitled to a free credit report from each of the three main agencies (Equifax, TransUnion, and Experian) every year. Before you apply for a mortgage, review your credit report for errors and be sure to address any issues that are bringing down your scores. Pulling your credit directly from these agencies won\u2019t impact your credit score.<\/p>

DO Get Pre-Qualified<\/strong><\/p>

This will help give you an idea of what you can afford before you fall in love with your dream home. Getting pre-qualified also helps you avoid wasting time looking at homes that may be beyond your price range. Once you\u2019re ready to secure your mortgage, start gathering documents to substantiate the information on your loan application. Pay stubs, bank statements, W-2\u2019s and tax returns are some of the items you\u2019ll need to provide.<\/p>

DO Save Money<\/strong><\/p>

The more money you have to put down, the lower your mortgage payment will be, which can help save you thousands over the lifetime of the loan. Once you\u2019ve saved up money for a down payment, be sure not to spend it! Being unable to meet your required down payment for your loan could cost you your home loan and your dream home! Have you passed your down payment saving goal? Extra savings can also help with costs you may not have factored in, like hiring movers, Home Owner\u2019s Association fees, and home insurance.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Make your homeownership dreams a reality.<\/h4>

Take the first step and apply online with NW Home Loans.<\/p>\t <\/div>\n\t

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Make your homeownership dreams a reality.<\/h4>\t <\/div>\n\t
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THE DON\u2019TS<\/strong><\/h4>

DON\u2019T Open or Close Credit Card or Bank Accounts<\/strong><\/p>

No matter how tempting the offer may be to open a new credit card, it\u2019s important not to do so if you\u2019re applying for a mortgage. Most furniture and home stores offer special incentives if you open a card and pay with it, which may sound like a great idea if you\u2019re pre-shopping for new furniture and appliances. But this can actually hurt your credit and cause issues with your loan. Closing old credit cards can lower your credit score as well, especially if you have a long credit history with them. The same goes with bank accounts. Before you open or close any accounts, be sure to speak with your mortgage professional.<\/p>

DON\u2019T Quit Your Job or Stop Making Regular Monthly Payments<\/strong><\/p>

Employment stability is a key factor when applying for a mortgage. So is payment history on your current housing, whether it\u2019s rent or an existing mortgage. Make sure your current monthly payments are made on time and be sure to speak to a mortgage professional before making any career changes.<\/p>

DON\u2019T Lease or Buy A New Car<\/strong><\/p>

It may seem like the right time to purchase a shiny new vehicle, but car payments and new lines of credit can seriously affect your application for a mortgage. Don\u2019t allow a car dealer to pre-qualify you for a lease or loan when qualifying for a mortgage. Any new inquiries on your credit report may negatively affect you. It\u2019s also important not to co-sign loans for anyone else during your mortgage application process.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Ready to learn more?<\/h4>

Connect with one of our loan officers in your area today.<\/p>\t <\/div>\n\t

\n\t CONTACT US<\/a>\t <\/div>\n\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Ready to learn more?<\/h4>\t <\/div>\n\t
\n\t CONTACT US<\/a>\t <\/div>\n\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Understanding the Mortgage Do\u2019s and Don\u2019ts of the loan application process can help protect you from mistakes that can cost you your loan or your home.\u00a0Learn more on our Mortgage Resources<\/a> page or contact one of our mortgage professionals\u00a0today!<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Why Choose NW Home Loans?<\/strong><\/p>\n

Our mission is to empower every homeowner to confidently build their future. In partnership with Northway Homes, we deliver accessible, transparent mortgage solutions rooted in integrity and quality, making the dream of a new home not just possible, but practical. We strive to guide our clients at every step with clarity, service, and a commitment to value<\/p>\n

All information presented is for educational purposes only and not intended as financial advice. NW Home Loans, LLC NMLS#2749372. Equal housing lender \u00a92025.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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our blog<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Learn More About Mortgages<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\n\t\t\t\tOpt Out of Firm Offers of Credit or Insurance\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t
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Many buyers find that applying for a mortgage can trigger an influx of marketing from other companies trying to win their business. Fortunately, there are ways to prevent this flood of offers from overwhelming you during an already stressful time. <\/p>\n\t\t<\/div>\n\t\t\n\t\t\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t<\/article>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\tMortgage Numbers That Matter\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t
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Whether you are a first-time home buyer or an experienced one, there are three numbers that will help determine the type of mortgage you qualify for. Let\u2019s learn more about the mortgage numbers that matter.<\/p>\n\t\t<\/div>\n\t\t\n\t\t\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t<\/article>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\tNavigating Your Loan Program Options\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t
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Choosing the right loan program depends on a variety of factors like certain loan program features, the loan term and your overall financial goals.<\/p>\n\t\t<\/div>\n\t\t\n\t\t\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<\/div>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Ready to apply for a mortgage and start looking for your dream home? Let\u2019s make sure you\u2019ve navigated the first steps: understanding mortgage rates, learning the loan types, and reviewing the steps in the loan process.<\/p>\n","protected":false},"author":3,"featured_media":128,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13,14],"tags":[],"class_list":["post-125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homebuying","category-mortgage-basics","has-thumb"],"acf":[],"_links":{"self":[{"href":"https:\/\/northwayhomeloans.com\/wp-json\/wp\/v2\/posts\/125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/northwayhomeloans.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/northwayhomeloans.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/northwayhomeloans.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/northwayhomeloans.com\/wp-json\/wp\/v2\/comments?post=125"}],"version-history":[{"count":31,"href":"https:\/\/northwayhomeloans.com\/wp-json\/wp\/v2\/posts\/125\/revisions"}],"predecessor-version":[{"id":2034,"href":"https:\/\/northwayhomeloans.com\/wp-json\/wp\/v2\/posts\/125\/revisions\/2034"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/northwayhomeloans.com\/wp-json\/wp\/v2\/media\/128"}],"wp:attachment":[{"href":"https:\/\/northwayhomeloans.com\/wp-json\/wp\/v2\/media?parent=125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/northwayhomeloans.com\/wp-json\/wp\/v2\/categories?post=125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/northwayhomeloans.com\/wp-json\/wp\/v2\/tags?post=125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}