3 Common Missteps in Your Mortgage Application

Avoid pitfalls and improve your chances of approval with these essential tips!

1. Incomplete or Inaccurate Documentation
Fix: Take the time to gather all necessary documentation, including pay stubs, tax returns, bank statements, and employment verification. Double-check that all information provided is accurate and up to date.

2. High Debt-to-Income Ratio
Fix: Pay down existing debts, such as credit card balances or personal loans, to lower your DTI ratio. Avoid taking on new debt or making large purchases before applying for a mortgage.

3. Changing Employment Status
Fix: Avoid making significant changes to your employment status or income until after your mortgage is approved and the loan is closed. If necessary, provide documentation and explanations to lenders to demonstrate your ability to repay the loan.

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