Before You Get The Loan
Do
Keep Your Documents Handy
Store W-2s, tax returns, paystubs, and bank statements in one place for quick access.
Stay Employed & Steady
If you’re thinking of switching jobs or adding a side hustle, talk with your loan officer first.
Pay Bills on Time
Late payments can lower your credit score and cost you a better rate.
Talk to a Loan Officer Early
Get guidance on down payments, credit, and assistance programs before you start house-hunting.
Budget for Closing Costs
Inspections, appraisals, and closing fees can add up, set aside extra funds.
Keep Your Bank Accounts Consistent
Avoid shuffling big sums around, random deposits need documentation.
Check Your Credit Report
Dispute errors or outdated info before officially applying.
Don't
Don’t Open/Close Credit Accounts
Changing credit limits can alter your score, ask before you do it.
Don’t Make Big Purchases on Credit
Large new debts can raise your debt-to-income ratio and complicate approval.
Don’t Co-Sign Another Loan
That debt counts against you, potentially reducing your mortgage amount.
Don’t Ignore Large Deposits
Document gifts or sudden funds to satisfy underwriting.
Don’t Skip Down Payment Assistance
Local or federal programs might save you thousands, explore your options.
Don’t Switch Jobs Without Checking
Changing industry or pay structure can slow down or jeopardize approval.
Ready for the Next Steps?
Mortgages don’t have to be complicated. At Alta Home Lending, we’re all about explaining the “why” behind every term so you can make smarter decisions, on your terms. Reach out today, and let’s get you one step closer to home.
After You Get The Loan
Do
Continue Paying Bills Promptly
On-time payments keep your credit in good shape if you ever consider refinancing or a future move.
Set Up an Emergency Fund
Owning a home comes with surprise costs, like repairs or maintenance. Building a safety net reduces the stress of unexpected expenses.
Consider Refinancing Options (Down the Road)
If rates drop or your financial situation improves, refinancing can lower your monthly payment or help you tap into home equity.
Keep Insurance and Tax Details Current
Stay on top of homeowners insurance and property taxes. If you’re escrowed, your lender handles it, but if not, mark those due dates on your calendar.
Don't
Don’t Ignore Your Loan Terms
Know if your mortgage is fixed or adjustable, and track when rate changes might happen (for ARMs). Surprises can be avoided with a quick check-in now and then.
Don’t Forget to Change Your Address Everywhere
Bills, tax info, and important financial mail should all route to your new home. Missing a bill because it was lost in the mail can hurt your credit.
Don’t Go Off the Radar
Questions or concerns often pop up after you move in. Keep your loan officer’s contact handy if something about your mortgage statement or escrow doesn’t look right.
