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Dream home: How to ensure you'll get that mortgage approval

Buying a home still is the American dream. Getting to the point from touring houses and signing on the dotted line, however, can be nothing short of a nightmare if you haven't been paying attention to your money, how it is spent or being mindful of the buying process in general.
Far too many home buyers either get bad advice or simplify the process as far as home and purchasing one. The bad advice can come from a broker that doesn't have your best interest in mind or a realtor that hasn't given you warning as far as what not to do as you start the home buying process.
Some missteps that are common, and ones that will be a sure fire reason you won't get approved for your line of credit known as your mortgage, is using your credit cards while you're in the midst of the approval process, paying your bills late or letting your savings or checking account take a major hit or incur any overdraft fees.
Plenty of ardent and intelligent would be home owners get pre approved for a loan, find the house of their dreams and think that is the proverbial green light to start buying furniture, appliances and anything else they can find at Sears or Best Buy that will complete their furnished home. But until the underwriter signs off on the loan to make it official, you want to steer clear of adding any more debt. Banks aren't going to be thrilled and could easily second guess you as a legitimate borrower if you drop a few thousand dollars on a sectional couch and recliner before you assume a fairly large sum of money and debt in the form of a mortgage.
Perhaps just as bad or worse than adding debt and using credit cards en route to buying a home is letting the rest of your bills or budget start slipping since you're consumed with everything from house hunting to all things loan related. With that, it's easy to let a few bills slip through the cracks but that doesn't mean it's advisable. If you miss a due date, fix it as soon as possible.

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And that same mindset should follow you around when it comes to overdraft fees as well. Your lender or that aforementioned underwriter could easily ask and summon old bank statements to see not only your balance and how you spend your money, but if they happen to catch a glimpse of negative amounts or fees associated with them, you could easily get a huge "no" when it comes time for the final decision.

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