Here are five things that you should avoid when you’re getting preapproved to purchase a home. And I know this because I have been an investor and in mortgage for over 20 years.
#1: I would not work with a big bank lender, especially if you’re looking for a low down payment option like an FHA, a VA, or even a USDA product.
#2: I wouldn’t cosign for anyone 12 months before trying to get approved to purchase a home. That debt will count against you.
#3: Do not purchase a home based on the purchase price. Purchase a home based on what you are comfortable affording as your payment.
#4: You should never use Credit Karma to check your credit scores. Pull your credit from annualcreditreport.com or call your trusted lender.
#5: Before committing to a lender or realtor, do our research knowing the market is extremely important, not just for your realtor, but also for your lender because you could be leaving money on the table if the lender you are working with doesn’t know the programs that are specific for the market that you are in.
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