One’s credit score is one of the most important factors that lenders use to determine their eligibility for a mortgage. Village News/Metro photo
FALLBROOK – Planning to buy a home? The key is to prepare and maintain excellent financial health. And we’re not just talking about the down payment. Improve your chances of getting approved for a home loan and be eligible for better interest rates and terms – here are some things to avoid before applying for a mortgage:
Making big purchases
If you just bought a car or did advance shopping for furnishings, this will take a big hit on your credit record and debt-to-income ratio and could hurt your mortgage application. Avoid making any credit splurges at all costs if you’re planning to buy a home soon.
Switching jobs
This is because lenders like to see stability in your employment history. It’s best to wait after you have secured the mortgage before making any bold career chan
