Planning Ahead for the Perfect Mortgage Application

Who says getting a mortgage can’t be fun and MAYBE even easy? Try our quick game, and you may pick up some tips for making your mortgage process easier.

Planning ahead is the key to the perfect mortgage application.  Let’s recap:

Documentation-Provide your lender with complete and unaltered documentation.

Leaving out pages, blacking out areas or deciding what you “should” or “should not” have to provide will only slow down the process and create additional work for you.

Stay current on all your obligations and don’t make any large purchases or changes

Your credit is one of the keys to your loan approval.  Not paying your bills, making large purchases or consolidating debts could lower credit scores, increase your debt obligation or delay the process as new accounts are verified.

Assets- don’t move money around or make deposits you can not document.

Your assets have to be verified as part of the loan approval.  Cash deposits that can not be paper trailed could be considered unusable.  Moving funds around could cause a delay as all funds must be verified and documented.

Employment- don’t make ANY changes

A new job’s probationary period, a career change or even a shift from salary to commissions can delay or derail your loan approval. Don’t make any employment changes without checking with your lender.

Planning ahead for the perfect mortgage application and avoiding a few missteps can help to keep you on a smooth path to loan approval and avoid killing your chances to own a home.