Helpful Tips When Getting A Mortgage

Dated: 10/04/2012

Views: 491

 

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 REALTOR®

REALTOR Hite Properties Cell: 713-480-0889 Office: 936-270-8090 x 109 E-fax: 936-270-8774 Best Priced Properties Team Montgomery & Harris County TX Real Estate Experts Clients First! We believ....

Want to Advertise on this Site?

Latest Blog Posts

Avoid Mistakes Buyers Often Make

Whether you are purchasing your first home, moving up, downsizing or managing a rental property, or looking for commercial or investment real estate, a REALTOR is the trusted professional who

Read More

Which Down Payment Strategy Is Right For You

You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and

Read More

How To Check Your Home For Air Leaks

We’re well into the fall season and winter is right around the corner. This is the time of year when it’s especially important to make sure your home is properly sealed. Air leaks can make

Read More

We Are Never Too Busy For Your Referrals It Is The Highest Compliment

Best Priced Properties Team "Clients First" Russell and Melissa Banki Texas REALTORS- Hite Properties Certified Negotiation Experts (CNE) Accredited Luxury Home Specialist (ALHS)

Read More