At Mayberry Homes, we know the word “mortgage” in and of itself can appear to be incredibly intimidating – especially if this is the first time you are buying a home. You are committing to a debt which may very well be one of the largest debts you will ever acquire. That is of course until you move to another home and start this process all over again!!

Rest assured, we understand. That is why we encourage you to sit down with a lender and talk to them about your options. You will not be requiring a construction loan. It’s been made easier for you by only requiring an end loan. We have closed hundreds of homes, and have worked with FHA, VA, Conventional financing, Rural Development, MSHDA, and of course, cash. There are a number of lenders out there, and we have found a couple to be pretty outstanding with service and expertise. They will assist you in evaluating your “comfort zone”, based on your income, your assets and your current debt load. They will also be able to offer advice as to whether you may want to pay off a bill prior to closing etc. They know their stuff, and are more than happy to help you find the right loan that will meet your current as well as future needs.

As always, if you have any questions or concerns along the way, do not hesitate to talk with your sales representative. They have been through this process a number of times and can prove to be very helpful.

Do’s and Don’ts During the Mortgage Process

During the mortgage approval process, there are many things that could possibly go wrong.

Your mortgage pre-approval is based on many factors including your credit score, current debts, income and even household size for some loan types.

The last thing anyone wants is your dream to fall apart because of a simple misstep. Stay in touch with your lender through the process and ask them before doing anything that could affect your loan.

  • Do continue making your rent payments.
  • Do stay current on all your existing credit cards and other accounts.
  • Do keep working at your current employer.
  • Do keep the same insurance company.
  • Do continue using and paying your credit cards on time.
  • Do call your lender if you have questions or want to change your finances in any way.
  • Don’t make any major purchases (car, furniture, refrigerator, etc.)
  • Don’t apply for new credit or open a new credit card.
  • Don’t transfer credit card balances or consolidate debt or credit cards.
  • Don’t pay charge offs or any collections.
  • Don’t close any credit card accounts.
  • Don’t increase your credit card debt.
  • Don’t change bank accounts.
  • Don’t take out a new loan.
  • Don’t open any new accounts.
  • Don’t pay off loans or credit cards unless your lender says it’s ok.