Buying a home is a very exciting and somewhat overwhelming time. Everyone wants the experience to go as smoothly as possible. In order to help your mortgage broker in Omaha, Nebraska complete the loan process as quickly and efficiently as possible, take heed of the do’s and don’ts of the loan process.
Pay your bills. Your credit standing is established at the beginning of the loan process and it is imperative to keep everything in good standing until closing. Make sure to pay your mortgage or rent payments on time and in full. Pay all other bills as well on time and in full, including child support, car loans, student loans, credit cards, utilities, etc.
Keep good records. Your mortgage lenders in Omaha will need several types of documentation in order to proceed with a loan application. Those documents include pay-stubs, bank statements, W2’s from the last 2 years, social security card, investment statements, and proof of any debt.
Keep your credit strong. It’s important to be consistent with your credit. Pay off you credit cards every month to keep your credit score in good standing. Your credit score will be pulled several times during the loan process, so it needs to stay healthy. The higher the credit score, the better the interest rates and options will be for mortgage loans in Omaha, Nebraska.
Apply for credit or close any lines of credit once the loan process has started. It is important to have a clear picture of your credit before the loan process gets underway. You can request a copy of your credit report from each of the three credit reporting agencies. You can also dispute any inaccuracies on your credit report. Avoid applying for credit, closing lines of credit, co-signing on loans or making any major purchases until after the loan process is complete.
Quit your job. When you first start the loan process with your mortgage brokers in Omaha, your pre-approval is based on many factors, including your current employment and steady income. The lender must have confidence in the stability of these factors. Any change in income or employment may affect your interest rate, fees, and possibly needing a new approval. The exception to the rule is a pay raise or promotion.
Deposit large sums of money into your bank accounts, other than your salary. Lenders are required to document where all earnest money and down payments come from, and must follow guidelines regarding monetary gifts. Any large deposits into your bank account will need to be accounted for and can affect the loan process.
Whenever you have any questions or doubts, contact Steph The Mortgage Genie. She is your go-to resource for any advice regarding your loan process. She knows the ins and outs of the mortgage process and how to handle any issues that come up and how it pertains to your loan.