One of the first things that any creditor will look for is whether you have made your payments on time.

Lenders will look to your monthly payments to determine your debt ratios. They have to show that you have not maxed out credit nor incapable of paying new debt.

The longer a person has a credit line open and shows a history of payments on-time will assist in your improving your scores.

Opening too many new lines of credit around the same time can indicate that you are having financial difficulties and can impact your scores.

A variety of credit indicates the borrower can handle all sorts of credit types. Examples of different types would be a credit card which is a revolving credit or credit that has no preconceived end of time for repayment. Another type is installment payments which is a loan where a set monthly payment and time of payoff is predetermined.

Please refrain from making any new large purchases. This includes any item that will result in new monthly debt (i.e. new car or furniture for your new home). As a lender, we will re-pull your credit right before settlement to make sure that you have not incurred any new monthly payments. This could result in delays in closing and in extreme cases, denial of the loan.

Increasing your credit card balance can increase your debt-to-income ratio, which is a factor in your mortgage loan approval. A variance in this ratio can prohibit you from purchasing or refinancing your home. Retailers often offer discounts to customers who apply for one of their credit cards. We encourage you to avoid doing this, as it will show up on the summarized credit report the lender pulls before closing.

We understand that unforeseeable opportunities may arise during the loan process. If you decide to switch companies or occupations, we ask that you consult your Integrity Mortgage Loan Originator to see what impact this may have on your loan settlement. Verifying the new employment information could set back your date of settlement and impact approval.

Review of your asset accounts will occur and any large deposits outside of payroll will require additional documentation. Many loan program guidelines will require a paper trail showing the source of the funds. An example of this would be a large cash deposit that can be from the sale of personal property. This will result in further documentation required for closing.