Q.What are some mortgage finance do's and don'ts?
A. First the do's
Make loan and other debt payments on time, especially over the months leading up to the filing of your mortgage application.
If something has to be missed, miss the credit card payment first, followed by the payment on any installment loan you might have and finally, the payment for an existing mortgage.
Consider paying off more consumer debt and putting down a smaller amount at closing.
Get the mortgage first if multiple financial obligations are going to pop up in the near future.
Increase the size of the down payment you're able to make by saving as much as possible, as often as possible.
Don'ts
Don't make any big purchases over the next couple of months.
Don't try shooting for that six-bedroom if it's going to be too much of a stretch in your current budget.
Don't just get pre-qualified for a mortgage, get pre-approved.
Don't forget what kind of money personality you have when getting a mortgage.
Last but not least, don't forget that homeownership brings with it many burdens.
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