Do's and Don'ts

Turn to a reliable mortgage loan originator like in Northern California, to enjoy a hassle-free processing of loan applications. Below are some helpful tips that can help you in dealing with the complexities of real estate mortgages.

1. Don't apply for new credit. You can lose points from your credit score immediately.

2. Don't pay off collections or "charge-offs". If you want to pay off old accounts, do it through an escrow with your title company. 

3. Do monitor your credit on a bi-annual basis. Like going to your dentist for your personal health, checking your financial health is done by your credit report.

4. Don't max out or overcharge credit card accounts. Try to keep your credit card balances below 40% of their limit at all times.

5. Do stay current on your existing account. Like your mortgage and car payments, one 30-day late notice can cost you as much as 80 points on your credit.

6. Don't close credit card accounts. Closing a credit card account will affect other factors in the credit score, including credit history.

7. Don’t consolidate your credit debt. When you consolidate all of your debt into one or two credit cards your credit score will go down.

8. Do continue to use your credit as normal as possible. Red flags are raised easily with the scoring system. If it appears that you are changing your pattern, it
    will raise a red flag and your score will go down.

9. Don't cause a red flag to be raised by the scoring system. This includes adding new accounts, co-signing on a loan, or changing your name or address
    with the bureau.

10. Do call us. We can supply you with resources that you need to obtain the best interest rates and terms on your residential mortgage.

Contact us and ask for a credit evaluation and analysis from a dedicated mortgage loan originator.

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