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5 Things You Should Never Do After Applying For A Mortgage For A House In Downey

The stresses of juggling everything going on while buying a home can add up quickly. All the steps, including looking at listings, putting your budget together, and then getting pre-approved for a mortgage are enough to get most people worked up. In order to help you from making any rash decisions and get yourself in a bind, here are 5 things you should never do after applying for a mortgage for a house in Downey.


Once you have applied for a mortgage, your lender of choice will begin the process of determining if they believe you qualify for a loan through them, how much they are willing to lend you, and at what interest rate the loan will be offered to you.

The lender primarily factors in your income and credit history to make all of these determinations. It’s very important that you do everything you can to keep things status quo during this process to make sure the lender trusts you will be a responsible client.

If you change your job, this may mean an adjustment in your income and can have an impact on the level of risk the lender believes you carry and can impact your chances when applying for a mortgage.


If you’re in the market for other big-ticket items at the time you’re also looking to purchase a home, it may be time to make a choice between one or the other.

With your main goal to keep your credit history as-is throughout the homebuying process, making any large purchases could bring a big problem into the equation when applying for a mortgage. This includes any large purchases that could be made in cash but also paying using a credit card.


Speaking of your credit card balance, make sure you’re as close to debt-free on your credit cards as possible.

It isn’t a big issue to have some credit card debt, but if you’re floating a large monthly balance across all of your credit cards, that’s going to be a red flag for most mortgage lenders. By keeping large purchases out of the picture and sticking to your budget, you’ll be doing yourself a big favor in securing a decent interest rate when applying for a mortgage.


An important step that can be overlooked by some is to not open or close any existing lines of credit at your disposal.

When your lender is looking through your credit history, they want to see a long-term habit of responsibly managing your available finances. This tells them they can trust you with their money now in order for them to recoup the cost of the loan later.

Some people might think it’s okay to let an existing credit account close because they have it paid off and that makes them look responsible. However, remember that letting that account close means you then have less credit immediately available to you.


Last but not least, do not take out or co-sign on any other loans after applying for a mortgage. You may think it’s OK to co-sign because, ultimately, someone else is paying for the loan. Keep in mind that co-signing a loan still makes you a liable party if that original person fails to pay on time.

Lenders want to see consistency in your credit history and tacking on an additional possible point of risk with another loan could send them running for the hills.

Professional Assistance Applying for a Mortgage in Downey

The biggest thing to remember regarding your credit during the home buying process is to keep it steady – no big changes, if at all possible. Make that happen and you’ll be on your way to settling down in your new abode in no time.

If you need help applying for a mortgage in Downey, contact us today at 562-881-9811!

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