Arizona Mortgage Team

Arizona Mortgage Rates. Refinance FHA, VA and Jumbo Mortgage Loans.

  • Loan Programs
    • FHA Loans
      • FHA 203k Loan
      • FHA Streamline Refinance
      • FHA Kiddie Condo Loan
    • VA Loans
    • USDA Loans
    • HomePath Loans
    • Interest Only Mortgage Loans
    • Refinancing
    • Reverse Mortgages
      • Reverse Mortgage Quote
  • Insurance
    • Arizona Car Insurance
    • Arizona Homeowner Insurance
    • Arizona Life Insurance
    • Arizona Renters Insurance
  • Press
  • Blog

First-Time Home Buyer Credit Checklist

June 14, 2010

If you are in the market for a new home, you probably already know that getting a new mortgage for a First-Time Home Buyer can be a little overwhelming with all of the important details, guidelines and potential speed bumps.

Yes, we know that there are plenty of rules to follow — but here is a simple list of “Do’s” and “Don’ts” to follow when shopping for a mortgage for the first time.  Keeping these in mind can super-simplify the process:

DO:

  • Continue working at your current job
  • Stay current on all your accounts
  • Keep making your house or rent payments
  • Keep your insurance payments current
  • Continue to maintain your credit as usual
  • Call us if you have any questions

DON’T

  • Make any major purchases (Car, Boat, Jet Ski, Home Theater…)
  • Apply for new credit
  • Open new credit cards
  • Transfer any balances from one credit or bank acct to another
  • Pay off any charge-off accts or collections
  • Take out furniture loans
  • Close any credit cards
  • Max out your credit cards
  • Consolidate credit debt

Basically, while you are in the process of getting a new mortgage, keep your financial status as stable as possible until the loan is funded and recorded.

Any number of minor changes could easily raise a red flag or cause a negative impact on a credit score that may result in a denied loan.

Most importantly, check with your loan officer on even the simplest questions to make sure your loan approval is successful.

    Filed Under: Home Buying Process Tagged With: credit, First-Time Home Buyer, Mortgage Basics

    Recent Items

    • How Does a VA Streamline Work?
    • Can you Use a Mortgage Assumption after a Divorce?
    • What are the Major USDA Streamline Guidelines?
    • How is the USDA Monthly Guarantee Fee Calculated?
    • How to Purchase USDA Foreclosed Homes?

    Latest News

    • How Does a VA Streamline Work?
    • Can you Use a Mortgage Assumption after a Divorce?
    • What are the Major USDA Streamline Guidelines?
    • How is the USDA Monthly Guarantee Fee Calculated?
    • How to Purchase USDA Foreclosed Homes?

    Search

    IMPORTANT MORTGAGE DISCLOSURES:

    When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

    Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

    When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

    Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

    Copyright © Mortgage.info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.

    Contact Us | Terms of Use | Privacy Policy

    Buy Mortgage Leads

    Mortgage.info

    NMLS ID #1237615 | AZMB #0928735

    8123 South Interport Blvd. Suite A, Englewood, CO 80112

    CLICK TO SEE TODAY'S RATES

    Contact Us