Do’s and Dont’s of Getting a Mortgage

Do’s and Dont’s of Getting a Mortgage

Getting a home loan is anything but simple. Though there are many lenders out there ready to lend you at the most competitive rates, it still takes a great deal of time, effort and resources to find the right mortgage lenders offering the right mortgage plans. Moreover, you have to be mindful of the marketing tactics of misleading lenders. As smart borrowers you should be as cautious as excited while applying for a mortgage. Here are the quick do’s and don’ts of getting a mortgage.

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  • Take professional help. The advent of internet has really opened new ways to find the right mortgage plans. But it never hurts to take the help of experts for doing it so. Since professionals have a wider reach and knowledge about the areas and properties, they can suggest the best options matching your mortgage needs.
  • Always go to a price comparison website before you actually lock the deal. Searching for a mortgage plan on a comparison site can help you save a great deal of time and money.
  • Provide your correct, complete and updated information to the lender. It is very important for borrowers to fill out the loan application in an accurate and detailed manner. Doing so will save you from chances of errors and probable delays. It is as important to give your most updated information to the lender with your latest information.
  • Understand the terms of your plan. It is imperative to know the terms and conditions on the loan before you sign the deal. You should be well aware of the interest rate, loan length and pre-payment charges.
  • Be ready with your paperwork. Keep all your relevant documents, you think you might need, in a file be it deposit slips, copies of forms, bank transactions, payslips, identity proof and so forth.
  • Get a homeowner’s insurance. Keep in mind that the insurance you buy should have a cover, big enough to make for the mortgage amount/ value of your home.
  • Check your credit report before applying for the mortgage. Almost 3 out of 4 credit reports have some sort of error such as spelling mistake, wrong address, outdated phone number, etcetera . A smart borrower acts proactively by pulling out his report from credit bureaus and get such errors fixed beforehand.


  • Do not cross the due date while making your payments. Late payments incur hefty fines and increased interest rates. Better be religious about repaying your loan in a timely manner.
  • Do not apply for too many new loans as it affects your debt-to-credit ratio negatively. You should also try to keep a check on your credit card expenses.  Try to keep your debt-to-credit ratio under 30.
  • Do not be a co-signer of a loan with another borrower, no matter how close he is. It adds up to a higher debt affecting your debt-to-credit ratio negatively.
  • Do not shy away from asking questions from your bank, lender and loan officer, both in the pre-approval and post-approval phase. It’s very important to get all your doubts dispelled before you actually go ahead and lock the deal with your lender. Moreover, asking questions is a smart way to differentiate a bad lender from a good one.
  • Do not change your job while your mortgage application is being processed. A stable work history adds points to applicant’s credibility. If you have to change your job, keep your lender informed about the same.

If you’re still confused about how to get your mortgage application approved in a quick and hassle-free manner, we can help you with that. Just give us a call at 1-925-927-3333 or email us and we will answer all your questions regarding our rates and services.