5 Tips for Applying for a Mortgage

Applying for a mortgage is a big, exciting, scary step. There are so many things to know and so many things you don’t want to do. Here are 5 tips to show you what you should or shouldn’t do when preparing to apply for that mortgage for your new home.

1. Don’t take on any new debt – When you are in the process of starting to apply or even thinking about applying don’t go obtain new debt. For example, don’t go finance a new car or even new appliances or furniture for that new home. This worsens your debt-to-income ratio.

2. Keep your finances stable – Sudden changes in finances or lifestyle signify risk to a potential lender.

  • Don’t attempt to consolidate bills without talking to a mortgage broker first; you want to make sure you do it correctly.
  • Don’t move assets between accounts, this shows instability. Also, transfers between accounts shows as a new deposit in that count and will have to be disclosed and documented.
  • Don’t change jobs! You are applying for a mortgage, they want to see stability. There is a probationary period that must be completed before income from the new job can be counted.

3. Safeguard your credit rating – The higher your credit rating, the lower your interest rate. So make sure you are careful with what you do. Don’t let multiple lenders pull your credit and keep information at your fingertips so you can easily document any information that the lender needs.

4. Check out different lenders – Check out different interest rates, a lower rate can save you money. Make a decision though before you apply to several places. Check out the places and find out which one has the best rate and terms that you like, then apply.

5. Save up for your downpayment – A downpayment is very important and required with most loans. If you have a downpayment less than 20% of your purchase price you will have to pay for mortgage insurance too. The more money you have to put down the better.


Are you looking to buy or sell a home in the Columbus area?  Call or email me, and I'll be happy to help!  


Roberta Kayne, Realtor & Photographer - All Rights Reserved
Specializing in First Time Buyers and Relocation Buyers
Central Ohio - Columbus - Dublin
Certified Residential Specialist (CRS)
Accredited Buyer Representative (ABR)
Short Sale & Foreclosure Resource (SFR)
Residential Relocation Specialist (RRS)
Re/Max Affiliates, 614-537-4564
Dublin, Ohio

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Comment balloon 5 commentsRoberta Kayne • October 26 2012 04:45PM


Roberta - Good advice for all potential buyers.  Maybe warn them that they will be looked at closely almost like a living autopsy so they should be prepared for that.  Thanks for the blog.

Posted by Steve Ewing - Keller Williams Realty (Keller Williams) over 6 years ago

Good advice for those seeking to obtain financing for the most imporatant purchase of their lifes. 

Posted by Erv Fleishman, Luxury Prop Specialist Realty Associates (Realty Associates) over 6 years ago

Steve and Erv - thanks for stopping by to comment ~ your advice is also very good. 

Posted by Roberta Kayne, CRS, ABR, SFR, RRS, Realtor, Re/Max Affiliates (Dublin & Central Ohio Homes) over 6 years ago

Well Done Roberts,  I can not tell you how many times I have seen people go out and charge all kinds of things right before closing and even new cars.... I hope people are waking up more the is error! 

Posted by Dave Sullivan, Michigan Realtor with an investor viewpoint (Real Estate One) about 6 years ago

Thank you Dave.  There are more rules, but this is a good start.

Posted by Roberta Kayne, CRS, ABR, SFR, RRS, Realtor, Re/Max Affiliates (Dublin & Central Ohio Homes) about 6 years ago