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Thinking about purchasing a home in the next 6 months to a year? Here are some do's and don'ts for preparing to apply for a mortgage.

Continue making on time payments. A recent late payment is one of the hardest hits to your credit score.

Know your credit score! Check your own credit report for inaccuracies and surprises (medical collections you weren't aware of, for example). Pulling your own credit never counts as an inquiry and does not affect your score.

Deposit any cash you have on hand in the bank. We must have 2 months of bank statements for any funds used to purchase a home, so that $10k in 20s shoved in your toolbox is out unless you get it in the bank.

Keep as much in savings as possible. It's always better to have more funds than you need, so prioritize that savings balance.

Set a target monthly payment. Know your budget and what kind of payment you would be comfortable making. If this is more than what you are currently paying, deposit the difference into your savings each month - not only does this help build your savings faster, it helps you decide if that payment is truly realistic!

Don't take on new debt. As in, don't go out and buy a new car or that 80" Curved Ultra HD TV you've had your eye on.

Don't apply for new credit. Any recent credit inquiries have to be explained on a mortgage application and multiple inquiries can negatively impact your credit score.

Don't quit your job or start a new business. I'm all for your new food truck concept, but we must have 2 years of tax returns to determine self employment income. This could slow down your home purchase quite a lot!

Don't give up! No matter your situation I am always here to help you purchase a home, whether you are ready now or next year. Got credit problems? Let's talk about it!

I'm always available to talk about your specific scenario and answer any questions you may have. Reach out any time, I'd love to help!


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