Protect Your NJ Mortgage from Contract to Close

From Contract to Close: How NOT to Mess Up Your NJ Mortgage

First time home buyers in New Jersey need this list of do's and don'ts to protect their mortgage prior to closing. Sometimes what appears to be innocent can create havoc on the mortgage process.

Sellers will not accept an offer in NJ these days without a preapproval from a lender. Once an offer is accepted, follow this advice to Protect Your Mortgage.

In this environment, it is important to adhere to the following guidelines in New Jersey in order for your mortgage company to maintain your mortgage until closing: 

1. Keep in Touch with your Mortgage Banker: Make them aware of any significant changes in income, assets or employment
2. Keep your Mortgage Banker informed:Let them know everything so they can preserve your transaction
3. Don't make any large deposits into the bank without telling your Mortgage Banker
4. Keep Your Job: Quitting your job or getting fired when you are trying to buy a house in NJ is a No-No
5. No Big Ticket Purchases That Will End Up on Your Credit Report
6. Sell Your Current Home Before Buying the Next One
7. Don't Move: If you are planning to move residences before you close on a mortgage you MUST tell your Mortgage Banker
8. Raises and Bonuses are OK
9. Do Not Apply Elsewhere: If you plan to apply for more than one mortgage you should tell your Mortgage Banker
10. Shop for Homeowner's Insurance: Getting a good rate on Homeowner's Insurance is a must

For the complete list of Do's and Don'ts visit NJRealEstateWire