At Phoenix Homes we realize that securing a mortgage is a critical component for almost every real estate purchase. In fact, choosing the right mortgage broker can make or break the process of buying your dream home. Based on our experience and countless transactions over the last decade, we are happy to give you some guidance on making the right choice for YOUR mortgage needs! Each of the mortgage companies listed below come with our recommendations, and each has earned our trust over the years. The choice is up to you!
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5 IMPORTANT ISSUES TO CONSIDER WHEN FINANCING A HOME
Changing jobs before or during the loan process within the same line of work typically does not pose a problem in qualifying. However, changes in pay structure or line of work may cause qualifying issues. Keep in mind that changing jobs during escrow may delay your transaction, as the new job will need to be verified.
Money Transfers, Large Deposits & Gifts
It is best to leave your money right where it is until your loan is closed. Moving your money to a new bank or even into a new account can cause delays with the verification process. If large deposits, transfers or gifts are necessary, please make copies of all supporting documentation.
Paying Off Bills
Your loan officer will inform you if it is necessary to pay off bills to qualify for a home loan. If reducing your debt is necessary, your loan officer will tell you which bills must be paid and the best method of payment for immediate verification from the creditor. In many cases, it is best to leave money in the bank rather than pay off bills.
Making Major Purchases
Buying a new car, furniture or making other major purchases prior to financing a home can impact your ability to qualify. It is usually best to postpone these types of purchases until after the close of escrow.
Open or Close Credit Accounts or Co-sign for Others
Applying for new credit of any sort or closing current existing credit accounts can dramatically impact your credit score for the worse. Even Co-signing for someone for a credit card, car or home loan may also significantly impact your ability to finance your home. In most cases, you will need to supply a minimum of 3 months of canceled checks (although sometimes 12) to prove that you do not make the payments on any co-signed account.
DO’S AND DON’TS WHEN FINANCING
Here is a list of helpful tips to ensure an effortless loan process. These Do’s’s and Don’ts will help avoid any delays with your loan approval;
- Do continue making your mortgage or rent payments.
- Do stay current on all existing accounts.
- Do keep working at your current employer.
- Do keep your same insurance company.
- Do continue living at your current residence.
- Do continue to use your credit as normal.
- Do call us if you have any questions.
- Don’t make a major purchase (car, boat, jewelry, etc.).
- Don’t apply for new credit (even if you seem pre-approved).
- Don’t transfer any balances from one account to another.
- Don’t pay off charge offs without a discussion with us first.
- Don’t pay off collections without a discussion with us first.
- Don’t buy any furniture.
- Don’t close any credit card accounts.
- Don’t change bank accounts.
- Don’t max out or over-charge on your credit card accounts.
- Don’t consolidate your debt onto 1 or 2 credit cards.
- Don’t take out a new loan.
- Don’t start any home improvement projects.
- Don’t finance any elective medical procedure.
- Don’t open a new cellular phone account.
- Don’t join a new fitness club.
- Don’t pay off any loans or credit cards without discussing it with your loan officer.
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