The following is a list of items you want to avoid doing when you are starting the process of applying for a mortgage.
1. Don’t apply for any new credit; Applying for credit will lower your credit score. You will lose a few points off of your rate and will also potentially change your borrowing ratios.
Being self-employed or a business owner means that you have a different set of guidelines for obtaining mortgage funds. Due to write-offs a lot of us show less income on our final government documents then we actually made; this can make your mortgage application and approval more complicated. (more…)