While securing a loan can seem overwhelming, there are a few things you can do (and a few things you can avoid doing) to make the loan process even easier. Take a look:
- Do advise your lender if any information you've provided changes. This can include change of address, job, salary or anything for loan process.
- Don't make any significant purchase during the mortgage process. It could negatively affect your debt-to income ratio.
- Do keep records of all bank transactions, especially if you transfer large amounts from one account to another.
- Don't consolidate credit cards or get any new lines of credit. This can also negatively affect your debt-to income ratio.
- Do get homeowners insurance with coverage equal to the mortgage amount or replacement value of your home.
- Don't pay off collections or charge-offs. This can actually cause your credit score to drop. (strange, we know).
- Do get a termite inspection of the purchase property.
- Don't change jobs if possible. It's usually more desirable to show a two-year work history and a new job could affect that.
- Do protect your credit scores. You'll want to stay on top of any little change that may impact your loan.
- Don't cosign for another borrower. This will show up as additional debt, and could affect your credit.
- Do talk to your loan agent if you have any questions about your loan.
- Don't change your overall asset picture. This could include changing investments, opening/closing accounts, or making unexplained large deposits.
Source: http://www.mtgcapital.com/
If you are interested in buying, selling, building a home/commercial property or even a Real Estate Career & would like to become a Licensed Agent, here is your opportunity to be trained by MaryOne, Broker/Owner of Mary One Home Team Realty with her 24 Years of Real Estate Experience.
Call MaryOne @ (314)696-4912
No comments:
Post a Comment