Mr. Borrower,
Applying for a mortgage is stressful under the best of circumstances. Even experienced borrowers feel a little twinge of anxiety at the thought of taking on hundreds of thousands of dollars worth of debt. The mortgage approval process is forgiving of many things; there are certain actions or non-actions that can derail your application. Work with me. We will get your mortgage done as smoothly and as quickly as possible. The following list will help you get your mortgage approved.
- Please do not quit your job before your mortgage is closed. Closed means the contract has been signed, the loan funded and the Deed of Trust recorded.
- Pay all your bills! No lates before, during or after you obtain your mortgage. The Underwriter can request another credit report right before you close.
- Provide me, your mortgage loan officer, all requested documents, signed forms, letters of explanation, etc. on a timely basis. Delays may cost you money or even having your loan declined.
- Always tell me, your mortgage loan officer, the truth. I will work with you to put the best spin on the situation if possible. This includes your income, expenses, etc.
- Communicate promptly with to me all information that may be relevant to your mortgage application. Surprises may either delay (cost you money) or cause your application to be declined.
- Do not make any large purchases before or during your mortgage application if possible. If you have to make a large purchase, please work with me so that we can minimize any impact to your application.
- Do not open any new credit accounts until after the mortgage has been closed. Doing so will change your Credit Score.
- Take the time to understand everything that is happening with respect to your mortgage application. It is in your best interest to feel comfortable with the process and how you are financing your purchase.
- Work with me, your Mortgage loan officer, and we will work together to get your mortgage approved, signed, funded and the deed recorded.
On occasion, you might have to break one of the rules in the above list. Life happens and there is just no way to make it a perfect one. When you simply must break one of the rules (with the exceptions of rules #4 and #5!), let me, Alan 'AJ' Nisen, your Mortgage Loan Officer, know right away. I need be kept informed sooner than latter. There are ways to compensate for almost any situation that can arise during the mortgage loan approval process. But it is much easier to anticipate a problem, than it is to pick up pieces after the fact.
For More Information on These First-Time Home Buyer Programs, Please contact me and/or also read:
You can find AJ Nisen on Active Rain at Contra Costa California Mortgages. Call AJ to talk about Mortgage Rates, Free Credit Report or visit AJ's website to use his mortgage calculator.
Alan 'AJ' Nisen
Mortgage Loan Officer
Email: aj.nisen@bankofamerica.com
http://mortgage.bankofamerica.com/ajnisen
http://www.activerain.com/ajn
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And relax! So many borrowers worry and overthink the process. Let us take care of things. That's what we are here for.