When looking to buy/refinance a home in Seattle (or anywhere!), make sure your clients know to do (or don’t do) the following to help them obtain the best available mortgage product and rate…
When looking to buy a home in the Seattle area using a residential mortgage financing product, it is important to be aware of the following “do’s” and “don’ts”.
Also, PLEASE let me know some of the “do’s”, and “don’ts” that you have personally experienced through your business! Below is a short list that I have comprised….
- Continue to MAKE ALL of your payments ON TIME! This is extremely important, because if you miss a payment it could affect your credit score and possibly affect the rate you can achieve, and/or your ability to qualify for financing entirely.
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DO NOT open any new credit lines; obtain any new loans, etc without first speaking to your mortgage professional to make sure you understand how the extension of more credit could possibly adversely affect your financing capabilities.
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DO NOT make any large purchases without first talking with your mortgage professional to understand how the purchase could possibly adversely affect your financing capabilities.
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DO NOT make large RANDOM deposits into your bank account without first talking with your mortgage professional to understand how any possible large deposits will be best received (i.e. personal check, cashiers check, etc) and how these deposits will be needed to be documented and sourced.
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It is important that any and all SCHEDULING CONFLICTS during the period of time you are looking to buy a home are brought to the attention of your Real Estate agent and your mortgage professional, as soon as possible.
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If you are thinking about, or planning to take a NEW JOB, making a CAREER MOVE, etc. sometime before (or shortly after) you actually close on a home purchase, it is important that your RE agent and your mortgage professional are fully aware of this possible change as far in advance as possible of you actually making the change. Change to your employment at the last minute could affect the products you qualify for, and/or your ability to qualify for financing entirely.
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