Preparing to Get Your Mortgage

A little bit of financial savvy combined with a little bit of preparation can help make your financing experience a successful one. The following list will suggest some things you SHOULD do and some things that you SHOULD NOT do in anticipation of applying for financing.

The best rule to follow in today’s home loan market, DON’T DO ANYTHING (at least anything new)!!! Except make your payments on time.


  • Make all of your existing payments on time
  • Keep originals of all paystubs, bank statements and other financial documents


  • Don’t go to credit repair agencies
  • Don’t borrow to buy a car, furniture, or other big-ticket items
  • Don’t pay off collections or charge-offs
  • Don’t put large undocumented cash deposits in your accounts. If your family is helping you out, get it months before, or plan to do formal gifting.
  • Don’t make any adjustments or transfers in your asset picture
  • Don’t co-sign on another person’s loan or change your name and address
  • Don’t consolidate debt to one or two cards, or close credit card accounts
  • Don’t max out or over-charge existing credit cards
  • Don’t open a new cell phone account

If your lender (the one you are actually using not just checking out) did not instruct you to do it, you may jeopardize your chances of home ownership.

Just remember the simple tip: wait until AFTER the mortgage loan closes for any major purchases, loans, consolidations, and new accounts. All that may EVEN be easier now that you are a respected homeowner.

Contact The Mills Team today if you have questions regarding the financing process. We are here to help!