Colorado Home Mortgage: Tips To Keep You Safe and Sound

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Mortgage and Lending with First Time Home Buyer, Mortgage Rates, Pre-Approval NMLS 243370

Colorado Home Mortgage: Tips To Keep You Safe and Sound

 

If you're wondering what it takes to end up with the right mortgage loan, then you just need some advice to help get you going in the right direction. This article will help you with that, detailing what is needed for you to get a mortgage that works with your finances. Make sure you pay attention to the following advice.

TIP! Before applying for a mortgage, pay down your debts. Lenders use a debt to income ratio to verify that you are able to afford a mortgage.

Start preparing for getting a home mortgage early. Buying a home is a long-term goal that requires tending to your personal finances immediately. This means you need to save up a decent sized nest egg, and make sure your debt is well situated. Waiting too long can hurt your chances at getting approved. If you are considering quitting your job or accepting employment with a different company, delay the change until after the mortgage process has closed. Your mortgage loan has been approved based on the information originally submitted in your application. Any alteration can force a delay in closing or may even force your lender to overturn the decision to approve your loan.

TIP! Any change that is made with your finances can make it to where you get rejected for your mortgage application. Do not attempt to get a home loan unless you have a stable job.

Changes in your finances can cause a rejection on your mortgage. Do not apply for any mortgage prior to having secure employment. You shouldn't get a different job either until you have an approved mortgage because the mortgage provider is going to make a choice based on your application's information. Get pre-approved for a home mortgage before shopping for a new house. Nothing is worse than finding the perfect house, only to find out that you can't get approved for a mortgage. By getting pre-approved, you know exactly how much you can afford. Additionally, your offer will be more attractive to a seller.

TIP! If your application is refused, keep your hopes up. If it happens, approach another lender and try again.

You should not enter into a monthly mortgage that costs you anything over 30 percent of your total income. If it is more than that, you may have trouble making the payments. Keeping yourself with payments that are manageable will allow you to have a good budget in order. Don't make any sudden moves with your credit during your mortgage process. If your mortgage is approved, your credit needs to stay put until closing. After a lender pulls up your credit and says you're approved, that doesn't mean it's a done deal. Many lenders will pull your credit again just before the loan closes. Avoid doing anything that could impact your credit. Don't close accounts or apply for new credit lines. Be sure to pay your bills on time and don't finance new cars.

TIP! If you've gotten approved for a mortgage, don't make any other big purchases until after you've closed on your home. Typically your lender will pull your credit once again right before closing.

Make sure you know how much you can afford before applying for a mortgage. Do not rely on what your lender says you can afford. Make a budget, allowing room for any unexpected expenses. Use online calculators which can help you estimate how much mortgage you can afford to pay monthly. There are a world of many mortgage companies out there vying for your business. It is you that has the power for any of them to put you in the right mortgage vehicle. So, don't let yourself be persuaded into something you don't want; instead, find a mortgage that fits your needs today.

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Thank you,


Ben Yost
Senior Loan Consultant

NMLS#   243370  LMB#  100023031

New American Funding
5299 DTC Blvd. Suite 300

Greenwood Village, CO 80111

 

Cell:     303.587.4297

Direct:  303.731.4718

Office:  877.884.3452 x4643
Fax:      303.889.5229
Email: 
ben.yost@nafinc.com
Web:  
www.newamericanagent.com/Benyost

 

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