Are You a First-TIme Home Buyer? You Will NEED This Credit Checklist!

If you’re a first-time home buyer, getting a new mortgage can be extremely exciting but also a little overwhelming with all of the important details, guidelines, and potential speed bumps. Sometimes it’s difficult to know where to begin or how you should (or shouldn’t) spend your money when you’re about to purchase your very first home.

Well, there’s no need to worry – you don’t have to scrimp and save every single cent to purchase your home, but at the same time, don’t go on a huge spending spree. Since there are so many rules and steps to follow, here is a simple list of what you should do and what you SHOULDN’T do during the mortgage approval process:


*Continue working at your current job
*Stay current on all your accounts
*Keep making your house or rent payments
*Keep your insurance payments current
*Continue to maintain your credit as usual
*Call me if you have any questions


*Make any major purchases – By big purchases, I mean cars, jet skis, your very own home bowling alley – you get the picture, right?
*Apply for new credit
*Open new credit cards
*Transfer any balances from one credit or bank account to another
*Pay off any charge-off accounts or collections
*Take out furniture loans
*Close any credit cards
*Max out your credit cards
*Consolidate credit debt

So what can we pull from this list of things you should and shouldn’t do? Basically, while you are in the process of getting a new mortgage, keep your financial status as stable as you possibly can until the loan is funded and recorded. Remember – any number of minor changes could easily raise a red flag or cause a negative impact on a credit score that may result in a denied loan, so keep it as stable as possible!

Most importantly, check with your loan officer on even the simplest questions to make sure your loan approval is successful. So if you have any questions right now or later on, including late at night, be sure to call me at (618) 709-3821 – those who really know me know that I keep my phone within arm’s reach at all times! You can also check out my website at to see what I can do for you!