The Mortgage Professor

Mistakes in Qualifying for a Mortgage

Assume that paying off credit cards on which you have been delinquent will improve your credit score.

Assume that because you are an authorized user of a credit card and not responsible for the payments, you can't be hurt if the responsible party does not pay.

Assume that shopping multiple loan sources will adversely affect your credit rating.

Confuse "qualification" with "approval".

Accepting that you need an adjustable rate mortgage to qualify because the loan officer said so.

Wait until you need a mortgage before paying off an old collection account.