Mortgage Do's And Don'ts
Mortgages can be tricky, and it's easy to make mistakes that can end up costing you dearly. That's why we've put together this list of Mortgage Do's and Do not's to help you navigate the process with ease - and a little bit of humor.
DO: Shop around for the best mortgage rates
DON'T: Assume your bank will give you the best rate just because you have a checking account there. Remember, loyalty is a two-way street.
DO: Have a budget in mind
DON'T: Get in over your head. Just because you can technically afford a million-dollar mansion doesn't mean you should buy one. You don't want to be house-poor and unable to afford groceries.
DO: Get pre-approved before house-hunting
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DON'T: Assume you'll be approved for a mortgage just because you have good credit. Pre-approval is important because it gives you a better idea of how much house you can afford and shows sellers that you're serious.
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DO: Consider your future plans
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DON'T: Assume you'll live in your new house forever. Life happens, and you may need to sell sooner than you think. Make sure you're not getting into a mortgage that you can't realistically afford if you need to move in a few years.
DO: Get pre-approved before house-hunting
.
DON'T: Assume you'll be approved for a mortgage just because you have good credit. Pre-approval is important because it gives you a better idea of how much house you can afford and shows sellers that you're serious.
.
DO: Consider your future plans
.
DON'T: Assume you'll live in your new house forever. Life happens, and you may need to sell sooner than you think. Make sure you're not getting into a mortgage that you can't realistically afford if you need to move in a few years.
DO: Read the fine print
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DON'T: Sign on the dotted line without reading the terms and conditions. There may be hidden fees or clauses that could come back to haunt you later.
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DO: Be prepared for unexpected expenses
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DON'T: Assume everything will go smoothly. There may be unforeseen expenses, like a leaky roof or a broken furnace, that can quickly drain your savings. Be sure to budget for these types of surprises.
DO: Read the fine print
.
DON'T: Sign on the dotted line without reading the terms and conditions. There may be hidden fees or clauses that could come back to haunt you later.
.
DO: Be prepared for unexpected expenses
.
DON'T: Assume everything will go smoothly. There may be unforeseen expenses, like a leaky roof or a broken furnace, that can quickly drain your savings. Be sure to budget for these types of surprises.
DO: Have a good sense of humor
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DON'T: Take everything too seriously. Yes, buying a house and getting a mortgage can be stressful, but try to find the humor in the situation. After all, laughter is the best medicine for a stressful day.
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By following these Mortgage Do's and Do not's, you'll be well on your way to successfully navigating the mortgage process - with a smile on your face. Good luck, and happy house hunting!
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💡 3 Credit Score Myths That Could Cost You Your Dream Home
⚠️ 3 Lies Homebuyers Still Believe About Credit Scores
When it comes to buying a home, few topics cause as much confusion as credit scores. Between outdated advice and online myths, many homebuyers still make avoidable mistakes that can delay — or even derail — their mortgage approval. Let’s debunk the top three credit score lies that keep borrowers from success.
Lie #1: You Need Perfect Credit to Get a Mortgage
This one stops too many potential buyers before they even apply. The truth? You don’t need an 800 score to qualify.
·FHA loans can approve borrowers with scores as low as 580.
·Conventional lenders often accept scores in the mid-600s with compensating factors.
The focus isn’t perfection — it’s consistency and responsibility. Late payments hurt more than low balances, and one or two blemishes won’t ruin your chances if the rest of your financial profile is strong.
Lie #2: Checking Your Own Credit Hurts Your Score
Another myth that refuses to die. When you check your credit, it’s considered a soft inquiry, which has zero impact on your score.
Hard inquiries — like when you apply for new credit cards or multiple loans — are the ones that can temporarily lower your score by a few points.
Pro tip: Use free tools like Annual Credit Report: https://www.annualcreditreport.com/index.action
Experian, Trans Union, and Equifax all have online access now where you can track your progress and dispute errors before applying for a mortgage.
Here are the three major U.S. credit‐reporting agencies where clients can file disputes and check status:
1.Equifax — https://www.equifax.com/personal/credit‐report-services/credit‐dispute/ Equifax+1
2.Experian — https://www.experian.com/disputes/main.html Experian
3.TransUnion — https://www.transunion.com/credit-disputes/dispute-your-credit transunion.com+1
Lie #3: Paying Off Debt Instantly Fixes Your Score
Paying off debt helps — but it’s not a magic button. Credit scores update when creditors report new balances, which can take 30–60 days.
Lenders also look at your credit utilization ratio, so closing paid-off accounts too soon can actually hurt your score by lowering your available credit.
A smarter move? Keep your oldest accounts open and maintain low balances. That builds both trust and credit depth, two major factors underwriters love.
✅ Final Takeaway
Credit myths cause fear — and fear keeps people from homeownership.
Your credit report tells a story of responsibility, not perfection. With the right loan program and a little preparation, your dream of homeownership can happen sooner than you think.
👉 Ready to see where you stand? Let Medallion Funds review your credit profile and guide you toward the best loan options available.
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© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory
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