Want a Mortgage? Avoid These 8 Mistakes

mortgage mistakes
mortgage mistakes

The housing inventory is flush with choices. Interest rates are at record lows. And you're ready to buy a house. There is likely just one thing standing between you and home ownership: Getting a lender to approve your mortgage. Here are eight ways not to sabotage your plans.

1. Don't quit your job or decide to become self-employed.

Lenders want to see stability of income. The more stable you are, they reason, the less likely you are to default on the loan. You might even defer switching jobs to another company until you close escrow. If you do change jobs -- even if it's to a better-paying one -- lenders are going to look a little harder at your application. They will likely ask to see a job offer letter plus at least a month of pay stubs if you switch employers. It's way preferable to just keep hating your boss for a little longer.