What You Need to Know About Mortgage Loans

If you want to insure that your loan’s process is going to be hassle free and smooth you should follow these tips:

a. If you want to have a mortgage, it will be wise to not apply for any credit cards or get debt cards, car loans, buy property or furniture, etc. If you want to buy new things for the house you are trying to get then you have to wait until your mortgage is approved. If these purchases appear on your credit report, then the lenders will have to factor the purchase in your qualifying ratio.

b. Recheck your credit report you have to make sure that your loan officer’s records tally to yours and you has to make them know about any missing information. If you have missing information in your reports then it might come to haunt you later in your closing.

c. You also have to save all your receipts, bank statements, credit card statements and other proofs of your financial standing until the closing of your mortgage. These are very important documents that might be required from you by the lender in the future.

d. You have to make known to your lender that you are receiving gift funds and large deposits which are not included in your normal deposits. The lender will then have to make sure that you have indeed received these deposits from a donor who is capable of giving such a large amount. It will be sourced and explained by you. If it was a bonus from your job then you have to present a check. If you sold a body part like a kidney then you have to provide proof like paperwork and pictures of your operational scar.

e. If you recently changed your name, or your job then you have to inform your loan officer. Also, supporting details and documents will be needed to verify these changes, and the reason for the change. If for example you were forced to change jobs or quit then you have to give an explanation.

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