Home Loans | The Do's & Dont's When Applying For A Home Loan
While applying for a home loan it is very important to adhere to these few tips to ensure a smooth ride on your way to signing docs and getting the keys to your new home! Keep in mind its a case by case scenario and that this is just general information for you to reference until you recieve your final closing statement:
1. Make sure you sign and return any item(s) that is required by your loan officer and provide any additional paperwork that is necessary immediately!
2. Do not apply for or open any new accounts or use any existing credit accounts. This includes credit cards, car loans, equity lines of credit and co-signing on an account. Additional debt and payments may reduce your credit score and result in the denial of your loan application.
3. Pay all of your bills, especially mortgage payments, on time! Do not pay any account more than 30 days late. If a payment(s) will be more than 30 days late, notify your loan officer immediately!
4. Do not change or leave your job or retire! If you are terminated, or if it is impossible to delay a job change, inform your Loan Officer immediately.
5. Do not allow anyone to run your credit! Additional credit report inquires can reduce your credit score and increase your risk of credit fraud.
6. Ignore telemarketers from other lenders! They may try to contact you to prevent you from purchasing with your current lender. These unlicensed, out of state employees will tell you anything you want to hear in attempt to get your business. Remember, they are paid by the hour to sabotage your refinance or purchase and they do not have your best interests in mind!
7. Get your appraisal done immediately! Your Loan Officer will contact several Master Appraisers from your area and select the best and fastest person for the job. They will negotiate the lowest possible fee and review the appraisal for errors when it is complete.
8. Immediately disclose any information that may negatively affect your loan application! Remember, your Loan Officer is in your corner not the Bank's.
1. Make sure you sign and return any item(s) that is required by your loan officer and provide any additional paperwork that is necessary immediately!
2. Do not apply for or open any new accounts or use any existing credit accounts. This includes credit cards, car loans, equity lines of credit and co-signing on an account. Additional debt and payments may reduce your credit score and result in the denial of your loan application.
3. Pay all of your bills, especially mortgage payments, on time! Do not pay any account more than 30 days late. If a payment(s) will be more than 30 days late, notify your loan officer immediately!
4. Do not change or leave your job or retire! If you are terminated, or if it is impossible to delay a job change, inform your Loan Officer immediately.
5. Do not allow anyone to run your credit! Additional credit report inquires can reduce your credit score and increase your risk of credit fraud.
6. Ignore telemarketers from other lenders! They may try to contact you to prevent you from purchasing with your current lender. These unlicensed, out of state employees will tell you anything you want to hear in attempt to get your business. Remember, they are paid by the hour to sabotage your refinance or purchase and they do not have your best interests in mind!
7. Get your appraisal done immediately! Your Loan Officer will contact several Master Appraisers from your area and select the best and fastest person for the job. They will negotiate the lowest possible fee and review the appraisal for errors when it is complete.
8. Immediately disclose any information that may negatively affect your loan application! Remember, your Loan Officer is in your corner not the Bank's.
0 Comments