Most people make one or more of these three mistakes after their home loan application has been taken.  If you have applied for a mortgage and you make these mistakes it could cost you either in a higher interest rate or perhaps losing the home loan all together.

Avoid these mistakes at all costs.

Don’t Apply For New Credit of ANY KIND!  Sounds simple enought right?  But you would be suprised how many folks will get those “You’ve Been Approved” credit card invitations.  Everytime you send one of those in you will lower your score. 

Don’t Go Out And Buy New Stuff!  I don’t know how many times I have seen this.  Some couple comes into my office and applies for a home loan or is buying a new home and then decides to go out and get either a new car or that big screen tv!  Not only will this lower your score because it raises your credit but also those new monthly payments could knock you out of getting the entire loan!  And lastly…

Don’t Consolidate Your Debt Onto 1 or 2 Credit Cards!  This seems like it would be a good idea right?  However, when you consolidate your cards onto 1 or 2 it will appear that you maxed out on those cards and the system will penalize you up to 100 points immediatly.  If you want to save money on interest rates then I would wait if I were you until after I close on the loan.

These are just some of the mistakes that I have seen people make.  While avoiding them won’t guarantee you will get the home loan or mortgage but it will help greatly.