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Purchasing a home is a huge investment as we have spoken about in many of our articles. It’s likely the most expensive thing you’ll ever buy, so it’s important to do your due diligence prior to making such a large purchase. These 3 steps will help you to avoid any disappointment. Once you have been pre-approved it isn’t time to go splurging or changing your financial situation. Look at the 3 major don’ts, Mortgage Tree recommend while in the buying process.

Mortgage Tree 3 Recommendations

  1. Don’t max out your credit cards

Your credit score is one of the key factors that lenders will look at when considering you for a mortgage. If you have maxed out credit cards, this will reflect poorly on your score and may make it more difficult to get approved. Try to keep your credit card balances low and make sure you’re paying your bills on time.


  1. Don’t make any large purchases

Like maxing out your credit cards, making large purchases prior to buying a home can also negatively impact your credit score. Lenders will look at your debt-to-income ratio when considering you for a mortgage, and if you have recently made a large purchase, even if the purchase is an interest free/ do not pay for one year payment deferral program. Lenders will have to factor in the payment while qualifying you. This will increase your debt and lower your chances of getting approved for the financing you were initially told you had.


  1. Don’t change jobs

Lenders like stability, so if you’re thinking about changing jobs prior to buying a home, it’s best to wait until after you’ve closed on your mortgage. A new job means new income, which can impact the amount of money you qualify for and the interest rate you’ll be offered. It’s best to wait until after you’ve bought your home to make any major career changes.

In Conclusion:

Buying a home is a big decision and there are a few things you’ll want to avoid if you’re thinking about taking the plunge into homeownership. Be sure to keep your credit card balances as low as you possibly can, don’t make any large purchases, and don’t change jobs prior to applying for a mortgage. Taking these steps will help improve your chances of getting approved for financing and ensure that you get the best possible interest rate on your mortgage.

We advise contacting one of our knowledgeable Mortgage Tree brokers, who have the inside knowledge and expertise to guide you properly. 

Thank you for taking the time to visit our website and read our blog.

We hope we have been able to answer a few questions.

Please contact us anytime we are here to help you!


The Mortgage Tree Team – “Your Key to Home Ownership”