Let’s face it, that beautiful home you have been eyeballing is calling your name. You want the home, you like the home, but most people don’t want the mortgage that comes with the home because of the “dreaded mortgage process.” It’s not as hard to obtain a mortgage as some might think. So let me tell you about a few things that can and will hurt your chances of obtaining a mortgage. Then, I’ll tell you how to make the process easier.
- Do not open new credit cards or new credit accounts.
- Do not switch jobs during the mortgage process without contacting your loan officer.
- That new car/truck/SUV you have been looking at? Don’t buy it!! (Adding on new payments to your credit will raise your debt-to-income ratios and could prevent you from obtaining your mortgage.)
- Looking for new appliances, TV’s, furniture and other furnishings for your new house? WAIT! Do not buy anything or charge anything during the process. (Adding these payments to your credit will affect your mortgage approval.)
- Do not pay your bills late! (It doesn’t take rocket science to realize this can hurt you.)
- Do not deposit cash into your bank account. (Funds need to be sourced and cash does not leave a very good paper trail, so don’t deposit it!)
- Not disclosing information or providing inaccurate information to your loan officer. (Things like addresses to properties that you own, child support payments, prior bankruptcy, prior foreclosure, IRS tax liens, just to name a few, will impact your approval.)
The easiest thing that you can do is be completely upfront with your loan officer about your finances, credit, assets and anything else related to purchasing a home. It is 10X’s easier to catch any potential road bumps upfront, instead of during the mortgage process. This will create fewer headaches for you, the Realtors, your loan officer and anyone else involved during the loan process.
Most people make the lending process way harder than it has to be. There is a process to everything. Anyone who has obtained a mortgage has gone through it in some way or another. Make sure you work with the right people, make sure you have all of your ducks in a row before you start looking at homes and most importantly get your lender the documents that they need when they request them.
If you can accomplish 100% of what I suggested in this article, the chances of your mortgage experience going smoothly will increase exponentially.
Now, you didn’t think I was going to give you mortgage advice and not ask you contact me now did you?
Want to buy a home? Looking to purchase your home quickly? Hassle-free? Get a great program? Then what you need to do is click this link and download my FREE Mobile App! It is your 24/7 real estate resource and it has all of my contact information within the application.
Best of luck on your new home purchase!
Ed Stojancevich 219-973-6644 call/text me today!