5 things you shouldn’t do during the loan process

Buying a home, especially for a first-timer, can be both an exciting and anxiety-inducing process – but it doesn’t have to be.

Mistakes are avoidable. And working with the right team helps prevent them.

As you prepare to embark on your path to homeownership, we’ve compiled a list of five things you should avoid during the loan process.

Start with Home Shopping

Refrain from doing house shopping if you haven’t yet been preapproved for a loan.

We get it. One of the most enjoyable steps of buying a home is shopping and touring different homes that fit your tastes. Spending time finding a home, however, can end up being a time waster. Financing details such as how you much qualify for and the amount of time it takes to get qualified are some considerations to keep in mind.

You’ll want to go home shopping with as much information as possible. Getting preapproved will also make you a more desirable buyer – one who’s prepared and able to make an immediate offer.

Open or Close Credit Lines

Generally speaking, paying down your debt is a good thing, but suddenly closing accounts or paying off large amounts of debt can lead to unintended consequences.

This type of information will be clear once you have a full understanding of how your credit works as it relates to the application process. And asking for advice will allow your credit to work in your favor as you apply for a mortgage.

Make Large Deposits

Along with your credit score, your monthly bank statements are vital pieces of information that will factor into your application.

We advise that you do not make large cash deposits into your account. When you apply for a loan, underwriters will go through your banking information with a fine-tooth comb. Unexplained deposits must have a paper trail. When it’s time to make a deposit, or fund your down payment, all income must be explained.

Quit Your Job

Stability says a lot about your application, especially when it applies to your income and employment. Keep your job and income steady and avoid any other major changes to how you make a living. Doing so will make the application process move more smoothly.


Remember, we are always here to answer any questions you may have.

Buying a home is a labor-intensive process that requires a lot of paperwork and back-and-forth. Do not feel discouraged or overwhelmed by the number of things on our to-do list, or if you feel the process isn’t moving forward as it should.

Our team will keep you well informed of what’s happening and what’s next in the process. We will work hard on your behalf and keep you in the loop during this very exciting time of becoming a homeowner.

4 questions to ask yourself about buying a home

Soaring home prices. Tight inventory. Lack of a substantial down payment.

These are just some of topics you may see as potential obstacles to buying a home. No one blames you. Buying a home is a huge decision and requires careful thought, planning and ideal market conditions.

The current state of the market may dissuade you from pursuing your dream, however. It’s possible that you may think you’ve been priced out of the market or that you do not have the resources to make a competitive offer. While everyone’s situation is different, Premier Mortgage Resources (PMR) is confident it can find a plan just for you. The right plan plays off your strengths, aligns with your goals and makes the most financial sense.

Before you think buying a home is out of reach, ask yourself the following questions to get a clearer perspective on your prospects.

Can you afford a monthly mortgage payment?

For many families, this is the crux of their concerns. Being able to afford your home is vitally important. It’ll impact your ability to provide for your family, invest, save and live the life you deserve.

PMR will take a close look at how much home you can afford. This hinges on multiple factors, including your income, debt, assets and other financial considerations. Before you think you can’t afford a home of your own, let us take a closer look and provide a clear snapshot of your finances and ability to pay a mortgage.

What is your credit like?

Your credit score today is unlikely the credit score you’ll have tomorrow. While an excellent credit score is ideal when buying a home, there are things you can do today to begin increasing your score, which directly impacts your ability to purchase a home.

Even if you’re satisfied with your credit ranking, do not overlook the possibilities of moving up a few notches. Doing so can change the terms of your loan. Over the long run, that can translate into incredible savings.

We encourage you to not jump to conclusions solely by examining your three-digit score. There may be more to the equation, and this knowledge can be invaluable as you begin this exciting journey toward homeownership.

What is the market like?

The old saying is you shouldn’t wait to buy real estate. Instead, you should buy real estate and wait.

The thinking behind this is twofold: buying a home is profitable, and your decision to buy a home cannot always depend on the market.

So, as you examine your viability for buying a home, consider all the factors and not just one.

Do you know what loan program to choose?

Because of all the factors we’ve already discussed, you can have peace of mind that we have a loan program just for you.

Whether it’s FHA, VA or a Conventional Loan, our real estate professionals will weigh all the factors and help you decide on a program that gives you the upper hand. The market and your financial situation give rise to a lot of questions. Our programs will bring clarity to the process so you can achieve your goals and move into the home you deserve.