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The Do’s and Don’ts of Mortgages: A Guide to Smarter Decisions



Navigating the world of mortgages can feel overwhelming, whether you’re buying a home, refinancing, or adjusting your loan. Making the right choices can save you time, money, and stress, while missteps can create avoidable challenges. At Presidential Bank Mortgage, we’re here to ensure you have the knowledge you need for a smooth journey.


Here’s a list of essential do’s and don’ts when it comes to mortgages:


The Do’s

Stay Current on Your Payments: Keep making your regular mortgage payments, even if you’re in the process of refinancing. If a payment is due right before your refinance closing, consult with your loan officer about the best strategy.


Prepare Your Documentation: Gather essential documents such as recent pay stubs, bank statements, and tax returns. Underwriters often request updated paperwork to keep the process moving efficiently.


Keep Your Credit Stable: Continue making payments on all your accounts, including credit cards and loans. A stable credit history ensures your lender has a clear picture of your financial responsibility.


Prepare for Your Appraisal: If you’re refinancing, tidy up your home before the appraisal. A well-maintained and accessible property can leave a positive impression on the appraiser.


Communicate with Your Loan Officer: Keep an open line of communication. If you’re unsure about any part of the process—whether it’s about payments, documentation, or changes in your financial situation—don’t hesitate to ask.


The Don’ts

Don’t Apply for New Credit: Avoid opening new credit accounts or taking out loans while securing a mortgage or refinancing. New credit inquiries can lower your credit score and affect your loan terms.


Don’t Deposit Large Sums of Cash: Large cash deposits can raise red flags for underwriters unless you can clearly document their source. Wait until after your refinance closes to handle significant financial moves.


Don’t Make Major Life Changes: Job changes, especially switching from salaried to commission-based pay, can complicate the approval process. Try to maintain financial stability until your loan is finalized.


Don’t Begin Major Home Improvement Projects: If you’re refinancing, hold off on renovations that require permits or disrupt your home’s functionality. These projects can delay the appraisal and loan process.


Don’t Assume You Can’t Qualify: Myths about needing perfect credit or waiting for a significant rate drop often deter homeowners unnecessarily. Even with less-than-perfect credit or modest rate changes, refinancing or securing a loan can still be worthwhile.


Ready to Take the Next Step? Whether you’re considering a new mortgage or refinancing your current one, following these do’s and don’ts will set you on the path to success. At Presidential Bank Mortgage, our team is here to provide personalized guidance tailored to your unique needs.



Let’s explore how we can make your homeownership dreams—or financial goals—a reality. Contact us today!

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