In Glendale, AZ, the real estate market was hit pretty hard in the real estate market crash. In this article, we will take a look at the loan process. Unless you are paying cash or the seller is financing the purchase, you will mostly likely be dealing with a bank to obtain a loan.
Since the financial meltdown, there are considerably few products to use to purchase home and that is certainly true in Glendale, AZ. The following tips can be used across all loan types. We will discuss the different loan types in another post. Right now, we will focus on getting the purchase money. It is critical not to make any changes without first talking to your loan officer. This is not the time to launch the business you have always dreamed of starting or to buy your dream car.
DO…stay current on all existing credit accounts – make those payments ON TIME!
DO …continue using your existing credit as normal – but without large purchases.
DO ….provide all documents requested up front and keep all original paystubs, bank statements, tax returns and other financial documentation handy. You may be required to update your loan file during the process.
DO ….notify us if you are planning on receiving any gift funds for the down payment or closing costs.
DO …notify us if you have any financial expenditures coming up during the loan process that will lower your assets.
DO …notify us if you have any upcoming employment changes, raises, promotions, change in pay structure, etc.
DO …respond promptly to all requests to provide documentation, signed documents, answer questions, etc.
DO …notify us if you are going on vacation at any time during the process.
DO …be flexible and make yourself available for your home inspection and your closing appointment.
DON’T ….open any new credit accounts or close any current ones.
DON’T ….make any large purchases on your current credit accounts or increase your spending on current credit accounts – business as usual when it comes to credit.
DON’T …co-sign for anyone else on a home or car loan or any other type of debt.
DON’T …dispute any credit accounts on your credit report before or during the loan process – disputed accounts can alter your credit score.
DON’T …pay off any collections or charge-off’s on your credit report unless advised by a credit professional or your mortgage consultant - activating these accounts by taking action may alter your credit score.
DON’T….make any type of employment or compensation changes without notification to your mortgage consultant.
DON’T …close any current bank accounts, open any new bank accounts, or move money around between accounts.
DON’T ….deposit any cash to your bank account without contacting your mortgage consultant to discuss the requirements of documentation and whether or not it will be accepted as funds for closing.
If you would like a free, no obligation list of homes available in your desired area, please complete the form below or go here http://goo.gl/M18J8. There is a lot of free information available to you about buying, selling or investing in Glendale AZ real estate. For complete information about the Glendale AZ real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Glendale AZ real estate at http://www.morechoices.com.
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