Home -- Loan Success

The 6 most important things you should be aware of before you apply for a home loan.

Credit Cards
Applying for new credit cards will impact your credit. It changes the amount of debt that could be incurred.

Buying a Car
When you shop for a car, each time you visit a dealer and they do a credit check, it affects your score. Wait till after you purchase your home, then buy the car. You can also not provide the dealer with credit information until you are ready to purchase.

Outstanding Debt
Some debts are better paid off, and some not. Talk to your loan officer and get a better understanding of what is best for you.

Major Purchases
Incurring new debt can affect your ability to get a new loan, or the rates for that loan.

Job
Changes to your job are OK as long as your income is consistent.

Use a Mortgage Broker
Using a mortgage broker (Independent Mortgage is a mortgage broker) will reduce the number of credit checks, and thus have less impact on your score. By shopping with lenders, each will pull a score, and each will have an effect on your perceived credit worthiness.