Applying for a mortgage can be a stressful and overwhelming experience, especially for first-time homebuyers. It requires a lot of preparation and attention to detail, as the party responsible for reviewing your application wants to see consistency in your finances. To help you avoid potential pitfalls during the mortgage application process, here are six things not to do:

1. Do not make major purchases like furniture, appliances, jewelry, vehicles, or vacations. One of the most important factors that lenders consider is your debt-to-income ratio, which shows how much debt you have compared to your income. Making big purchases can increase your debt and affect your ability to qualify for a mortgage.
2. Don’t change or quit your job. Lenders want to see that you have a stable income and job history. Changing jobs or quitting your job can make it harder to get approved for a mortgage, as it may signal instability in your finances.
3. Consult with your mortgage professional before withdrawing, depositing, or moving large amounts of money in or out of your bank account. Lenders want to know where your money is coming from and where it’s going. Any large movements of money can raise red flags and potentially delay the approval process.
4. Do not pay off debts or collections (unless instructed to do so by a mortgage professional). While it may seem like a good idea to pay off debts and collections before applying for a mortgage, it can actually hurt your credit score. Your credit score is based on your credit history, and paying off debts or collections can reset the clock and make it appear as if you have a shorter credit history.
5. Avoid using cash for a good faith deposit - cash is difficult to verify and could result in a closing delay. Good faith deposits, also known as earnest money deposits, show that you are serious about buying the home. However, using cash can be problematic as it’s difficult to verify and can result in a delay in the closing process.
6. Don’t have your credit report pulled too many times - this can hurt your credit score. Each time your credit report is pulled, it can have a negative impact on your credit score. It’s important to only have your credit report pulled by trusted professionals and avoid unnecessary credit inquiries.

In summary, applying for a mortgage requires careful planning and attention to detail. By avoiding these six common mistakes, you can increase your chances of getting approved for a mortgage and make the home buying process smoother and more manageable. Remember to consult with your mortgage professional throughout the process to ensure that you are taking the necessary steps to qualify for a mortgage.