As we prepare to enter a new year, I want my clients and prospective buyers to get off on the right foot. To help First Time Home Buyers out and even to refresh the most seasoned veteran, here are some smart things to keep in mind as you approach your mortgage process.
Know that you can always call me BEFORE you do anything to be sure it will not have a negative effect. There are a lot of folks that will tell you a lot of things to do and sometimes they are telling you the WRONG thing to do.
I am your LICENSED Virginia Mortgage Expert and I can help you do the right things to get your loan approved and closed. I will work with you, step by step, to be sure there are no problems or delays.
The best thing you can do while in the process of getting a new mortgage, as a First Time Home Buyer or as a seasoned Home Buyer, is to keep your financial status as stable as possible until the loan is funded and recorded.
Getting a new mortgage can be a little overwhelming for a First-Time Home Buyer with all of the important details, guidelines, documentation and potential speed bumps along the way. Any number of minor changes or credit checks could easily raise a red flag or cause a negative impact on your credit score that may result in your loan being delayed or denied.
Since there are so many rules and steps to follow, here is a simple list of Do’s and Don’ts for the First Time Home Buyer to keep in mind throughout the mortgage qualifying and approval process:
- Continue working at your current job
- Stay current on all your accounts
- Keep making your house or rent payments
- Keep your insurance payments current
- Continue to maintain your credit as usual
- Call me if you have any questions
- Quit or change your current employment
- Make any major purchases (Car, Boat, Jet Ski, Home Theater…)
- Apply for new credit
- Open new credit cards
- Get behind on credit card payments
- Transfer any balances from one credit or bank acct to another
- Pay off any charge-off accounts or collections
- Take out furniture loans
- Close any credit cards
- Max out your credit cards
- Consolidate credit debt
- Stop making current rent or mortgage payments on schedule
Most importantly, check with your Licensed Mortgage Loan Originator, DEANNA EARLY, on even the simplest questions about any credit changes you anticipate making to be sure your loan approval will be successful. Remember that I'm as close as a phone call and follow these . . . . .
First Time Home Buyer Do's and Don'ts
when getting a new home mortgage
Deanna Early is the # 1 ranked Mortgage Loan Originator in Franklin County, Virginia as scored by the ActiveRain real estate site. She is a Nationally Licensed Mortgage Loan Originator located near Smith Mountain Lake, Virginia. She does both purchase and refinance loans throughout the state of Virginia. She is a residential loan originator for American National Bank and Trust. She provides home mortgage loans, construction loans and lot loans as well as second or vacation home loans and investor financing.
Please visit her website at www.DeannaEarly.com and learn more in the Virginia Mortgage Blog.
You can contact her for your financing needs at (540) 721-2349 or by email at "firstname.lastname@example.org"
The views expressed in this post are mine only and do not necessarily reflect the views of American National Bank and Trust Company. Any scenarios presented are for illustrative purposes only and are not intended to refer to or represent any actual or specific clients, negotiations or financial transactions.