Warning! Are You Sabotaging Your Mortgage Approval | 214-945-1066

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Things to Avoid While Purchasing a Plano Texas Home

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What’s more fun than buying a bunch of new furnishings to go in your future home? Not much. But making large purchases before your loan closes can be a mistake. Until your loan closes, there still remain some hurdles to jump. Below you’ll find a list of things to avoid during this crucial time of your home purchase.

Don’t overspend while your loan is in process. You may be itching to turn your new living room into a showplace, or celebrate your new castle, but keep away from major purchases like furniture, jewelry, appliances, or vacations until your loan closes. Financing your bedroom furniture with a store card or a bank credit card could jeopardize your credit worthiness during the time it means the most. It’s also a mistake to make those big purchases with cash.

Protect your credit. The vast majority of all lenders will pull your credit within the last 10 days prior to your loan closing. If you have accumulated new debt or the new collection arises this could disqualify you. If a new collection shows up or if your debt increases significantly, on your credit score will be required. This could change the terms of your loan. It is very wise to make sure you don’t miss any payments, you don’t close any credit cards, or you don’t open any credit cards while you are in the process of buying house.

Lending Institutions are examining your cash in your bank account when considering your loan. You will need to show sufficient funds in your bank account for your down payment and all your closing cost. In some situations you may need to show reserves. Reserves are counted as money in your bank account that you can use to make payments in the event that something occurs with your income stream. For instance, two months worth of mortgage payments, taxes, insurance, and mortgage insurance if required.

Don’t go on a job search. Stability in your work history is a positive thing to banks and other lenders. Changing jobs may affect your ability to qualify for a loan – even if you are going to be making more money. However, if you switch careers before your loan is closed, your mortgage process could fail or be slowed down.

Don’t move cash around or change banks. Bank statements from the last two or three months for accounts in your name (savings, checking, money market, and other assets) will be reviewed as the lending institution considers your application. To detect potential fraud, most loans need detailed paperwork to determine the source of all cash. Switching banks or transferring finances to another account – even if its merely to consolidate funds – may hinder the documentation of your accounts. Never under any circumstances deposit cash as this will not be an acceptable source for your down payment or closing cost. It is better to use cash to pay monthly expenses and leave your money in your bank account.

Don’t give your FSBO (for sale by owner) seller earnest money, cash in hand. Your good faith deposit does not belong to the seller: it is actually yours until closing. Although your seller might not know this, any good faith funds should be applied to your closing expenses. It’s advisable to put the funds into a trust account, or get a neutral party, like an attorney to hold them until the closing of the sale. If your home purchase fails, the contract with the seller should specify where your earnest money should go.
Service First Mortgage can walk you through the pitfalls of getting a mortgage. Call The Richard Woodward Mortgage Team at (214) 945-1066.

Buyers Do’s and Don’ts from the Richard Woodward Mortgage Team

Richard Woodward, NMLS 217454
Your Local, Direct, 5 Star Rated Mortgage Lender
Office: (214) 945-1066
Service First Mortgage NMLS 166487
6800 Weiskopf Ave #200, McKinney, TX 75070

Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. Service First Mortgage is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualification. Rates and fees are subject to change without notice.

Warning! Are You Sabotaging Your Mortgage Approval  | 214-945-1066, Plano Direct Mortgage Lenders

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5 Impressive Ways To Settle Your Mortgage

With credit problems, you can still receive a refi with a sub-prime loan. Mortgage rates for long-lasting loans will significantly rise in due time. But do they know at what rates of interest they get charged?

get the facts

When you own a home and require cash however have a bad credit rating, your circumstance might really be far more favorable than you might believe. The truth that you own a home suggests that you are possibly able to take out a second home mortgage in order to provide you access to the cash you require.

You might be able to re-finance even if your home is worth less than your have a peek at these guys if your Mortgage is backed by Fannie Mae or Freddie Mac. This might be in the cards in early 2012.

Other kinds of home visit url are designed for particular home buyers. FHA loans are great if you are buying your very first home. FHA loans are backed by the government, so lending institutions are more most likely to provide you the financing you require. If you are a veteran, you can likewise use for a VA loan. It is a good deal for veterans, because a VA loan does not require the customer to have a down payment like other loans do. There are other kinds of loans on the marketplace too, so do your research to identify what is best for you.

They will list all of your existing debts and develop just how much a month you are currently spending for the total of all your debt. They will compare your month-to-month income to your month-to-month debt payments to get an income to debt ratio.

However, there are specific things that these individuals should know before they do really make contact with such lending institutions. Below we have a look at just what some of these things are.

This brings us to benefit number 5. Now that the lender or home mortgage expert knows the ratios they can identify what kinds of loans are available to you. I know it sounds like the alphabet, however each loan type has its own benefits and problems. Home mortgages have many kinds of loans such as VA, FHA, Standard, USDA, jumbo, Cal Vet and much more. By getting a home mortgage pre-qualification you have time to work through the list to pick which is best for you.

Normally, once you lock in on a rates check my source interest, you’ll have either 30 or 45 days to finish the re-finance. Make certain you ask your lender for how long you can lock on your rate, and for how long it usually considers them to close on a refinance.

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Likewise, before you use for a home mortgage, look around to get the very best deal. So some lending institutions specialize in prime loans, sub-prime loans, or both. Make certain that you do your research correctly.