The 3 Financial Mistakes That Can Destroy Your Mortgage Approval

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Most people think buying a house starts the day they walk into the lender's office.

It doesn't.

The home buying process actually starts 12 to 24 months before you ever apply for a mortgage.

In this episode of the Budget Boys Podcast, Marlon Hurd (The Valiionaire) breaks down the three biggest financial mistakes that can quietly destroy your chances of getting approved for the home you want:

❌ Late payments
❌ Opening new credit cards
❌ Buying things you don't need

You'll learn why lenders pay close attention to your financial habits, how your daily decisions impact your mortgage approval, and why building financial stability matters more than chasing a higher income.

If homeownership is in your future, this episode could save you thousands of dollars in interest, improve your approval odds, and help you avoid costly mistakes before they happen.

Because the truth is:

Your daily money habits become your mortgage approval.

🚀 Compelling Call To Action

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Your credit score tells lenders how you've managed debt.

Your Leak Score tells you where your money is disappearing every month.

And here's the crazy part:

Many people don't have an income problem.

They have a leak problem.

Inside the FREE Budget Boys Financial Education Community, you'll learn how to:

✅ Find hidden financial leaks
✅ Improve your cash flow without earning more money
✅ Build a wealth allocation system that runs automatically
✅ Prepare for major purchases like homes and investments
✅ Create long-term financial stability and wealth

Thousands of dollars may already be hiding inside your current budget.

The question is:

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Transcript

SPEAKER_00 0:00

What is going on? This is Marlon Hurth Vioneer or Coach MT, however you know me. And back here with some more incredible value. So before we get into it, this is not tax advice, legal advice, or financial advice. This is just information. Just some things for you to potentially think about as you move throughout your uh move throughout your your financial life. Okay, I've made it my mission to share as much of this information as I possibly can, learn as much as I can, and you know, be able to get this information out to as many people as possible so that you know if you're if you're in a certain space somewhere financially, you could maybe just have a little bit more information. You know, the financial world moves so fast, and it's one world that is not taught to many of us early on in our lives, right? When we were younger, excuse me, a lot of us didn't receive that information. Um, we were taught get good grades, we were taught um uh you know, we were taught get a job, uh, things of that nature. Rarely, rarely is money talked about. Um, and I things are a little different now. I will say that, but I grew up in the 80s and 90s, and money was never talked about in my family, ever. It was always the only time I heard my family talk about money was you know, don't spend all your money, save your money. Um, that's about it. There was nothing, there was no talk about credit, investing, interest. I I learned all that in my late 20s to early 30s when I was involved in network marketing. So maybe this may be helpful maybe someone on this call is in their early 20s, or maybe they're in their late 40s, like me, and they never heard this information, and they want to start making some better financial decisions as you know they're they're rounding into you know the the the later years of their life, okay? So if you are in the market to buy a home, all right, if you are on the market to buy a home, here's a couple things that you may want to avoid when you are attempting to buy a house. All right, before you walk into that lender's office, the house buying process starts 12 to 24 months before you actually get to the lender. It's not the day you go, you want to start a year or two beforehand. So your daily money habits become your mortgage approval. So this is what we're gonna talk about. Number one are late payments.

AVOID LATE PAYMENTS

SPEAKER_00 3:06

If you have one late payment on your credit, it could cost you 60 to 100 credits credit points. Interest goes up and your loan denials increase. Right? Purchasing a home is a big purchase. And the last thing a lender wants to see is someone with late payments because that could be a future foreclosure. All right. If they see any late payments, they are staring at a future foreclosure, which means that they're not gonna be able to get all their money over the 7.5, 15, 30 years of interest. It may be the house, may be sold, it may go into collections, um, you know, things of that nature. So, no lay payments. If you have any lay payments on your credit report, get them removed ASAP. So your payment history is the largest factor of your credit score. It actually makes up 35% of your credit score. All right, 35% of your credit score is your payment history. Now I'm gonna add to that collections and charge offs because you wouldn't have collections and charge-offs if you were not late. Okay, so the late payment, the late payments lead to collections and charge-offs, which lending companies do not like to see. Okay, so let's start working on getting those late payments off. If you need help with that, let me know. Okay, I've been doing credits since 2016. So, new credit cards.

AVOID NEW CREDIT CARDS/ITEMS

SPEAKER_00 5:00

More credit doesn't always mean more buying power. So what the what the what the mortgage lender is looking at is are you stable? And if you have multiple credit cards opening, then it may show that you're not stable. Or you could become unstable. Which means that if anything happens to your income, your credit and your your financial life becomes unstable because you have too many hands in your pot. Okay. So it could lower your average age account, reduce your score a little a little bit, and lenders become concerned. All right. So be careful with applying for credit, especially when you're in the the car, the the car buying, the house buying process. You you decide to go to the mortgage lender and and uh get a quote and things of that nature. Now they're really watching you. So, um, and then also they're looking at how much debt is on each card. Okay? How much debt are you holding on each card? That is 30% of your credit score. So late payments and how much debt you have in your credit cards makes up 65% of your credit. Over half. Okay, so if you're looking to buy a house in the next 12 months to 24 months, avoid opening unnecessary credit accounts. And then number

AVOID BUYING THINGS YOU DON'T NEED/OVER SPENDING

SPEAKER_00 6:47

three is buying things you don't need. Okay? Buying things that you don't need. Because if if you have a habit of that, then it's gonna be really challenging for you to keep up with your mortgage payments.

unknown 7:08

Okay?

SPEAKER_00 7:09

You're gonna keep up with your mortgage payments. When you're buying a house, it's just you and that house for a while. For at least three years, it's just you and that house. There aren't any big trips, no big expenditures, no new car, no new credit. It's you and the house. It's you getting stable in that house. You gotta buy furniture, you gotta get the internet turned on, you gotta get the gas turned on, you gotta get the water turned on, you gotta get the electric turned on, you have to get a security system put in. You may have to buy a garage door opener. I know I bought a house that didn't have a garage door opener, you have to put the garage door opener motor, get that put in. Then the house is settling. There's some things that when you bought the house that may need to be fixed that are under warranty. It's just you and that house. And if you're buying things that you really don't need, and we talk about this, we call this the leaks, then guess what? It's gonna be hard to pay your mortgage, which means that you're gonna have a late payment, which means it can affect your credit, which means that if you're using money for other things other than the mortgage, you could end up, it could be a future foreclosure. So here's my suggestion: when you buy a house, it's house payment and putting money aside for maintenance. House payment, money aside for maintenance, house payment, money aside for maintenance, building your emergency fund, just in case things happen. You're gonna you're gonna have to kind of narrow your life down a little bit. We call it being meek. Okay, we call it being meek. Alright, so you want to protect that payment history, no late payments, you want to avoid applying for new credit, and you want to plug the leaks. You want to plug those leaks right now. Plug them up before you get to the Linda's office. Now, if you're not sure what those leaks are, then come join us in uh budget boys, and we have a free leak score. You can come discover your leak score for free. And your leak score is bigger than your credit score. It's more important than your credit score because once you find out what the leaks are, and some of them you may not even know, and you start plugging them up and you start allocating, it will over time it will fix your credit by default. So come join us in Budget Boys, the free community, come learn what your leak score is, and then learn how to really set up your allocation process and your systems so that they run automatically, so that when you do have the house or looking to purchase the house, you already have a system operating. And when the the lender starts to look at your your financial records or your financial statements, they'll they'll see there's a system going on. They'll say that person is stable. Now they'll ask, what are these accounts? Well, here's what I do, well, here's what I do, I do this here, here's what I do. They'll be like, okay, this person is stable. And you're more likely to get what you're looking for when your paperwork shows that you are stable. Okay, so those are three things you want to avoid if you're looking to purchase a house. Remember that house buying process starts 12 to 24 months before you walk into the lender's door. Now, if you want more detailed things about the house buying process, then I have someone I can turn you over to. I'm not I'm not a real estate professional or any of that nature. I just I'm just understanding systems and concepts. Now, I know this may sound rudiment to some individuals and all that makes sense. I'm just looking to buy a house, but I'm telling you, if you do it this way, you'll get the house you want all the time. When it comes time to get another house, you'll be ready. When it comes time maybe to get that investment property, you'll be ready because you'll already have a system that you're operating in place. So when you want to go get that loan for that investor property, you'll more likely get approved. Especially if you have to get money to do a fixer upper. The place may cost 60, but you need 25 to fix it up. Now you need 85. Okay? So Marlowe the Villianaire. I hope we got some value today. And

COME JOIN OUR FREE COMMUNITY

SPEAKER_00 12:15

you can there's there are there are so many other things that you'll want to make sure you look out for before you buy a house. But I just want to kind of give you three things. And you can expound from those three things on your own. Just do some research. You know, look up late payments and what that means. Look up applying for new credit and what that could mean in a house buying process. Look up overspending and what that could mean in a house buying process. This is where you got to kind of do some of your own research. In the win formula, the letter I stands for initiative. You got to take the initiative. You hear some information, and then you go do your own research from that information. We call that taking the initiative. If you want to win in buying a house, you got to be willing, take the initiative, never quit. So, this right here is you getting information, and the I means take the initiative. What are do some research? What are some other things that I may want to avoid when I'm uh looking to buy a house? Because some people think it starts the day you walk into the lender's office. They're not thinking that it starts a year or two beforehand. Okay, so Marlon of the Valionaire, and we'll see you on the next episode. Come join us in the budget boys uh community. The link is gonna be somewhere in the description with this episode on YouTube, uh, somewhere. Yeah, you'll be able to come join us. All right, so Marlowe the Volinair, and we will see you on the next episode.