What you should know when preparing to apply for a home loan.

By
Mortgage and Lending with First Choice Loan Services NMLS#210764 NMLS #246495

Here is a checklist of a few items you should be aware of when you are preparing to apply for a home loan.

1.  DON'T MAX OUT or OVER CHARGE on existing credit cards.

2.  DON'T CHANGE or Quit your current job.  If you do change, make sure you will get at least one pay stub from your new employer prior to your closing.  Some investors are wanting to see at least one pay stub instead of new employment contracts to verify new salary.

3.  DON'T APPLY for new credit of any kind.

4.  DON'T get PRE-APPROVED with several mortgage companies.  Several credit inquiries could cause your credit scores to go down.  If you are shopping the mortgage companies on fees and rates, each lender can give you a good faith estimate to review instead of doing a full loan application with eachone of the companies.

5.  DON'T CLOSE all your credit cards accounts.

6.  DON'T make any LARGE DEPOSITS into your checking or savings accounts.  The underwriters will want to source any large transactions to see where those fundscame from.  If you are going to have a large deposit transaction, please speak to the lender regarding this so the transaction can be sourced correctly to avoid future problemsduring the loan process.

7.  DON'T make any LARGE PURCHASES.

8.  DON'T go and sign up for CONSUMER CREDIT COUNSELING.  Yes, this program has wonderful benefits but you must have at least 12month history of on time payments with them.

9.  DO STAY CURRENT on existing accounts.

10  DO call me, your loan officer if you have any questions.  I'm here to help you!!!!

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Stephanie Stringer

Residential Mortgage Loan Orginator NMLS#246495

Direct:  (469)556-0894    Office:  (210)547-3490

AmeriPro Funding, Inc.

18585 Sigma Road Suite 104  San Antonio, Texas 78258

Check out what people are saying about STEPHANIE STRINGER 

 

Company NMLS#131699

 

 

Comments (3)

Shelly Russon
Franklin Group - Kaysville, UT
Utah's Hometown Realtor

Thanks for the reminders to tell our clients!

Dec 19, 2010 03:06 AM
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Stephanie-We have been told that borrowers credit scores are not penalized for having multiple inquiries by similar busineess over a short period of time. For example someone looking for a mortgage may approach three lenders over the course of a business week to determine which has the best terms for a loan. I think we were advised that the credit score would be reduced minimally by the second and third inquiry. Is there a larger score hit now? 

This is a great list. I'll be adding this to my Buyer's Package.

Dec 19, 2010 11:07 AM
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

Love #10! Cute! I'd call you just because I liked the post! Hope someone else does too! :)

Dec 19, 2010 04:53 PM

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