Helpful Tips When Getting A Mortgage

Dated: 10/04/2012

Views: 521

 

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.
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Russell Banki REALTOR® ALHS CNE

Russell Banki ALHS, CNE REALTOR Hite Properties Cell: 713-480-0889 Best Priced Properties Team Montgomery & Harris County TX Real Estate Experts Clients First!Treating the relationship with f....

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