Sunday, January 1, 2017

2017! Don't allow these 5 Things Jeopardize Your Mortgage

Don't allow these 5 things Jeopardize Your Mortgage

Here’s what you need to know if you’re thinking about getting a mortgage on a home in 2017.

Your ability to qualify for a mortgage is based on specific lender guidelines and if you are putting less than 20% down, there are mortgage insurer guidelines you also must meet.

I have compiled a few items below, and I am happy to work with you, to create your individual mortgage plan.

1. Applying for Credit
  
It is imperative that you protect your credit score, this means, if you are looking to purchase a home, ensure that you are not allowing anyone to pull your credit bureau and also put a hold on any other credit shopping, such as car loans, furniture loans or any credit cards or line of credit.  Contact me first to set up your mortgage plan before doing anything else!

After I have created your mortgage plan and you have found a home to buy, it’s best not to apply for any credit  as well. This means not applying for car loans, credit cards, utility bills, cell phone bills or any other form of credit whatsoever. Doing so could change your credit score and impact your rate! 

2. Changing Credit
 
In order to ensure you are not putting yourself at risk, let me review your credit report to determine if closing a credit card or increasing a limit will effect your opportunity to buy your home.Changes or activity on your credit bureau can effect your credit score - lenders use your credit score to determine your purchasing power and your ability to qualify for the loan.
 
3. Moving Money Around
 
Moving money around can cause more headaches than necessary.   The lenders need to see a 90 day history of your bank accounts that the down payment is coming from - so if you move a lump sum to another account - you then must provide a 90 day history of two accounts.  Leave the money where it is until directed to move it:)

If you are receiving gift funds,the lender will need their gift letter signed and then proof of the deposit into your bank account and then the lender will do further checks to ensure it is intended to be a gift.


4. Switching Jobs
 
Changing jobs and getting into contract with the proper documentation is one thing. Signing a purchase contract and changing jobs is something else entirely, as most mortgage banks need to ensure you have passed probation at your work. If you have removed finance conditions on a home and then you switch jobs, the lender can come back and reverse the approval - you will lose the home and your deposit. 

5. Get Pre-approved ( Last and defiantly not least!  MOST IMPORTANT!)

It is imperative that you get properly pre-approved!  Contact me as soon as you are thinking of buying a home.  A pre-approval helps you set a budget that works for you, prepares you for anything on your credit report that may not belong, it allows time to collect proper paperwork for your approval - such as tax returns - (that can take weeks to get form the government if you have lost your own copy)and gives you more confidence when making your buying decision!

I am a licensed mortgage associate, with my only focus being on mortgages!  I work a quickly as you need me to and I work 100% via phone, email and text - whichever is easier for you with extended hours to meet your schedule!  I also book appointments at my office between 10 am and 2 pm on Tuesday, Wednesday and Thursday every week!

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