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The mortgage process can often be one of the most important parts of buying a home and even if you’ve gone through it before, it can be easy to make a mistake. Take a step back before beginning the search for your new home and make sure you understand exactly how the mortgage process works as well as what you need in order to be prepared for it. Here are a few common do’s and don’ts that come into play when applying for a mortgage.

The Do’s

  • DO take your credit score into consideration and be sure to continually seek to improve it. Having a good credit score is integral to buying a home and by having a low score, it’ll be difficult for you to get lenders to give you a loan. Be sure not to begin taking out large loans when you’re thinking about looking for a home and get any potential issues out of the way.
  • DO talk to an expert. There are countless professionals out there who want to help you get the most out of your mortgage and help you buy the home of your dreams. Various legal and financial issues come into play when buying a home and taking out a loan, and it’s likely you aren’t as educated about these things than the people who want to help you.
  • DO get pre-qualified and pre-approved. Getting pre-qualified will give you a better idea of what you can afford when you begin to go house hunting, and can often be done through applications available via the Internet. This can help you be seen as a stronger applicant when deciding to put an offer down on a home.


The Don’ts

  • DON’T do things that could negatively impact your credit score. Lowering your credit score is much easier than raising it, with something as simple as making late payments for various bills causing it to drop. Be sure not to make large purchases or open up new lines of credit either.
  • DON’T go it alone. Real estate and mortgage professionals exist for a reason and there’s no reason for you to try and do it all yourself just to save a little bit of money. The home buying process is complex and if you don’t know what you’re doing it can actually end up costing even more in the end.
  • DON’T start house hunting until you’ve been pre-approved. Not only will pre-approval help you set a budget, but it’ll save you the time of seeing houses out of your price range and may even reveal to you that you have a bigger budget than you originally thought.