Things to do Delaware County PA
1. Don’t change your job before applying
for a home loan.
Along with that, now is also not the right time
to become self-employed or quit your job.
You want to show lenders stability, which
means you’ll be less likely to default on the loan.
2. Don’t change banks.
Like your employment, you want your banking history to show stability.
3. Don’t buy a car or truck or any other form of transportation that you have to finance.
Buying anything on credit increases your debt-to-income ratio and that’s something lenders don’t want to see.
4. Don’t buy furniture on credit before buying your house.
Like financing a car, charging big-ticket items increases your debt-to-income ratio and now is not the time.
5. Don’t be late on your credit card payments or charge excessively.
You need to show a track record of managing your payments responsibly.
6. Don’t make large deposits into your bank accounts.
Lenders like to see that your down payment is sitting in your account for at least two months. This is what they call “seasoning”. Banks do not like to see the funds just disappear out of there either.
7. Don’t co-sign a loan for anyone.
Even if you’re not the one making the payments on that loan, it increases your debt-to-income ratio.
8. Don’t have inquiries made into your credit.
Looking for new credit translates into higher risk for lenders. If your inquiries are related to your mortgage search, it usually does not affect your credit score. However, opening credit accounts within a short period of time represents some risk and your credit could take a hit.
We are Delaware County PA real estate specialists/agents. Over the years, we have sold 1000’s of homes in Delaware County, PA. If you would like to schedule a buyer or seller meeting with us, please feel free to call The Shirley Booth Team directly at 610-636-6920 or send us a note here.