Best practices when buying a home

When shopping for a new home, there are many things that can have an impact on your loan approval. Here are some home buying tips to help ensure the process goes smoothly.

The following actions may have an impact on your mortgage approval:

• Changing jobs, banks, or marital status.
• Maintaining your asset balances used for your down payment and closing costs.
• Making any large deposits into your bank accounts (don’t do it).
• Avoiding large purchases like vehicles or furniture for your new home (just hold off).
• Maintaining your credit profile by refraining from doing these things:
  • Co-signing on loans for anyone.
  • Incurring new debt.
  • Making late payments.
  • Applying for new credit, transferring balances, or closing any credit card accounts.

Following these tips can prevent actions that could alter your credit score or debt-to-income ratios, or impact closing on your home
purchase.