4 Things To Keep In Mind While Securing Your Home Mortgage Loan

4 Things To Keep In Mind While Securing Your Home Mortgage Loan

Maintaining a constant and stable financial profile during any loan process shows the lender you are a good candidate. Lenders want to see these qualities in you while you are working on your home mortgage loan. Once your loan package is on its way to the lender, you'll want to keep some things in mind until after you are approved. These 4 things will help keep you in the running for the best interest rate. 


1. Avoid Major Purchases - Major purchases with high price tags will tip the scales against you. Getting a new house may inspire you to look at new appliances or furniture. Please wait on that shopping trip. Buying or leasing a car can dramatically impact your debt-to-income ratio. You could loose around $30,000 in mortgage buying power simply by having a $350 car payment. So even if you feel like there is room in your budget, hold off until you are approved and the loan closes. 


2. Have Proof of Your Down Payment Source - Lender LOVE paper trails. You will likely have to show proof of your liquid assets. The lender may ask for your checking and savings account statements, a hard copy of your investments, and any other liquid assets. You may also have to show canceled checks or deposit records to meet certain conditions. Avoid moving money between accounts and make sure you can easily document your paper trail. 


3. Changing Jobs - Changing jobs to increase your income is a good thing. However, a work history with gaps and erratic movement sends up a red flag to lenders. A 2-year track record with constant overtime and bonuses is definitely favorable. Keep in mind, when you change your jobs you may not know whether the next employer will pay overtime. Some don't pay overtime, or may work it out differently than your current job. Another scenario is starting your own company. Becoming a start-up company may have to wait until after your loan is approved.


4. Keep Paying Your Bills - Continue to pay your bills on time. A dip in your credit score could drive up your interest rate. 




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Phone: 616-482-9332
Dated: May 19th 2016
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Pangburn Properties, Inc.
28 South Maple Street, P.O. Box 8
Grant, MI
231-674-5462
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