Ok, I don’t normally like to be negative but in the world of home buying, there are certain things that you should NOT do and typically these are some of the most important. And this is not just me making things up, this information comes from Cornerstone Mortgage, a very reputable lender in the Twin Cities market. Steering clear of these items below will give you a much better chance of qualifying for a home loan.

Whether you are a first time home buyer, a move up buyer, a downsizing buyer or any type of home buyer in between, here are a few things you should keep in mind BEFORE buying a home in the Twin Cities or anywhere in the US.

1. Do not look for a home without being pre-approved for a loan.
2. Do not suddenly pay off debts and collections or close accounts.
3. Do not apply for new credit cards.
4. Do not change jobs or change your pay structure at your current job.
5. Do not consolidate bills.
6. Do not make non-payroll related deposits into your bank account without keeping copies of the checks.
7. Do not pack the documents needed during the loan process. These include W-2’s forms, tax returns, bank statements, pay stubs, etc.
8. Do not choose a mortgage without researching all the different types.
9. Do not shop for, lease or purchase a car or other type of vehicle.
10. Do not incur more debt by making large purchases such as appliances.

If you do need to do any of these things, please discuss with your loan officer IMMEDIATELY, delaying can and most likely will cause issues with obtaining a loan and or closing on a house. I’ve seen bad things happen in the Twin Cities market when buyers do not fully disclose their financial information to a loan officer. Remember, your loan officer is there to HELP. You want to make sure you have a good relationship with your loan officer because without them, it’s pretty tough to get a house.

Looking to buy? Give me a call!

Jen McKinnon
Realtor / Investor
612.384.1073
jen[at]MnRealEstateTeam.com

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