Tips To Avoid Gaining A Bad Credit Rating With Your Mortgage
While having your own home is an important part of your financial picture, too many people make decisions without thinking things over. Many people have what I would like to call a “pie in the sky” view of life. They tend to think that when things are going well it will always be that way; this is not always the case. Making a mistake with your mortgage is a fast way to end up with terrible credit.
When some people find that they qualify for a mortgage, they make the mistake of going out and taking on new debts. But doing this could be a big mistake. There have been cases where people who thought they would get a mortgage went out and got an expensive car, only to find out at the last minute that the mortgage couldn’t be approved. You should never assume that you will get anything until you actually have it.
Another thing you will want to avoid is changing your job while you’re in the process of applying for a mortgage. When lenders look at your credit history and employment data, they want to deal with someone who has stable employment and good credit. If you suddenly...