During the excitement of buying a new home or even refinancing an existing home, borrowers often unknowlingly make simple mistakes that can have an adverse effect on the outcome of their loan request. The following is a simple list of what to do and not do when applying for your Fort Lauderdale mortgage.
MAKE SURE YOU DON'T -
- Quit your job or get another job unless it's in the same line of work for equal or more money.
- Allow anyone to make an inquiry on your credit repoert or apply for new credit.
- Change bank accounts or transfer money within your existing accounts.
- Co-sign a loan for anyone else.
- Purchase a car, furniture or any other type of debt on credit, even if it offers no payments for an extended term.
- Charge any additional debt on any of your existing credit cards.
- Start any home improvements that are not a condition of the loan.
- Deposit any large sums of money into your bank accounts without having acceptable source of funds proof.
NOW FOR THE DO'S -
- Keep all of your credit accounts current (i.e. mortgages, car payments, credit cards, etc.).
- Keep copies of all pay stubs, bank statements and any bill statements for accounts being paid off through the closing.
- Respond in a timely manner to all documentation requests.
- Make sure your employer is prepared to verify your employment, as a verbal call from the underwriter is becoming quite common.
- Be sure to be forthcoming an honest with your mortgage broker in disclosing your personal fiancial situation.
Attention to these simple recommendations will insure a smoother loan process and fewer surprises.
Harvey Collier - First Trust Mortgage - Certified Mortgage Planning Specialist
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