(and How Homebuyers Can Keep Things Smooth)

Buying a home is exciting, but the mortgage process can sometimes feel overwhelming. Whether you’re a first-time homebuyer in Dallas-Ft Worth or anywhere, a few common mistakes can slow you down, or even cost you your dream home.

As a Mortgage Loan Officer who is licensed to do mortgage in several states, I’ve helped hundreds of buyers navigate the process and I think I’ve pretty much seen it all.

Here are the top mortgage mistakes to avoid so you can get to the closing table without unnecessary stress.

1. Making Big Purchases Before Your Loan Closes

That new furniture set or shiny new car might be tempting, but making large purchases during the mortgage process can hurt your approval. Why? Lenders monitor your Debt-To-Income ratio (DTI) all the way to closing. Adding new debt can change your loan terms or even result in a denial.

Pro Tip: It is best to wait until after you’ve closed on your home before financing big-ticket items; however, if something truly cannot wait, at least reach out to your Mortgage Loan Officer to talk about the numbers.  They can help you in determining if the purchase will have a negative impact on your mortgage.

2. Changing Jobs Mid-Process

Even if it’s a better-paying job, switching employers before your mortgage closes can cause delays. Lenders like to see a stable income history. A change in employment might mean more documentation, verification, or a reevaluation of your approval. If possible, hold off on career changes or at least let your loan officer know you will be starting a new job before your home purchase is finalized.

3. Ignoring Your Credit Score

Your credit score impacts both your mortgage Approval and your Interest Rate. Missing payments, maxing out credit cards, or opening new accounts during the loan process can all cause issues. During the mortgage approval process, it’s important to keep paying your bills on time, avoid increasing your debt, avoid new credit inquiries, and avoid co-signing loans for others.  Again, with any questions, please reach out ot your Mortgage Loan Officer before moving forward with any such plans.

4. Not Having Your Mortgage Documents Ready

Mortgage lenders may ask for proof of income, bank statements, tax returns, and more. Delays happen when buyers can’t provide paperwork promptly. To avoid delays in approval, start gathering your documents early so you can respond to lender requests right away.

5. Forgetting About Closing Costs

Many homebuyers focus on their Down Payment but forget about Closing Costs.  Accross the board, closing costs typically range from 2%–5% of the purchase price and can include appraisal fees, title company fees, homeowners insurance, property taxes, and more.

Pro Tip: Ask your loan officer for an upfront estimate so you can budget for everything accordingly.

6. Trying to Navigate the Mortgage Process Alone

Between loan programs, rates, and requirements, the mortgage process can get complicated fast. Having an experienced Mortgage Loan Officer by your side helps you avoid costly mistakes and keeps things moving smoothly. Choose a lender who communicates clearly, answers your questions, and most importantly, always puts your needs first.

Ready to Get Started?

Avoiding these common mortgage mistakes can make your homebuying journey much easier – wherever you purchase your home.

If you’re thinking about buying a home soon, I can guide you every step of the way. Give me a call at (214) 542-4095 or email Rob@TeamRobHomeLoans.com to discuss your home purchase options. Let’s get you into your dream home seamlessly!