Helpful Tips When Getting A Mortgage

Dated: 10/04/2012

Views: 481

 

When getting a mortgage...
 
1. Do Not change jobs - they will re-verify your employment the day of closing.
2. Do Not change your pay structure - they may need an additional paystub.
3. Do Not apply for new credit refresh is done just before closing and inquiries will have to be addressed and can lower the credit score.
4. Do Not change your marital status.
5. Do Not deposit any sums into your bank that cannot be documented thoroughly – they may need an additional printout prior to closing to show funds are available or items have cleared.
6. Do Not dispute any items on your credit – no disputes allowed on credit reports – even if settled or paid.
7. Do Not charge up your credit cards “getting ready for the new house” – this could lower your credit score or increase your debt ratio.
8. Do Not let your driver’s license expire – the notary at the title company requires current identification.
9. Do Not skip payments on your current bills to “save up for the house” – including rent – they might have to re-verify prior to closing.
10. Do Not spend money from your checking account unless absolutely necessary – they may ask for additional printouts from your bank to check funds.
11. Do Not make duplicate applications or apply for loans for another property – reports are pulled that will identify other mortgage applications.
12. Do Not put gift funds into your account – check with your loan officer on the procedure necessary.
Blog author image

Russell Banki Texas REALTOR®

Texas REALTOR Hite Properties Cell: 713-480-0889 Office: 936-270-8090 x 109 E-fax: 936-270-8774 Best Priced Properties Team Montgomery County TX Real Estate Experts Client First! We believe ou....

Want to Advertise on this Site?

Latest Blog Posts

New Swim School Will Open In Oak Ridge North In April 2018

The city of Oak Ridge North will soon welcome Elmer Swim School to a brand new 6,016 square foot facility designed specifically for young children ages 6 months to 9 years in the Wood Ridge 

Read More

Four Cost Effective Ways To Increase Your Home Value

These four things can go a long way to boosting your home's value!1. Spruce up the paint job is an excellent way to add some immediate curb appeal for those potential buyers driving by. Just

Read More

How Is Your Interest Rate Determined

 Most people want the lowest interest rate on their mortgage loan but do you know what other variables can affect that interest rate? Below is a list of different variables.Loan amountLoan(

Read More

The Benefit Of Purchasing Is Creating Equity

Some Highlights: Historically, the choice between renting or buying a home has been a tough decision. Looking at the percentage of income needed to rent a median-priced home today .

Read More