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Getting a Mortgage

Here are some general rules of thumb when getting a mortgage.

Do not start looking for your new home before you are fully pre-approved.  Nothing hurts as much as finding the house you love and losing it because someone else is more prepared than you. 


Do not find a lender on the internet that offers a too good to be true 0.0001 interest rate and/or is outside of the area.


Do not use a 100% Online Lender.


Do not use an attorney that does not specialize in Real Estate.


Please know the clock starts ticking when the loan officer receives your contract, not the contract date. 


Do not quit your job.


Do not change your job.


Do not get a promotion.


Tell your lender immediately if your job changes before you close.


Use the name that appears on your drivers license for all mortgage documents, including Jr., Sr., etc, as required.


Do not change your name during the mortgage process.


Be upfront with your loan officer.  Do not hide information.


Be completely honest with your lender about child support, alimony, wage garnishments or any other payroll reduction.


Do not forget to shop the good faith estimate.


Do NOT co-sign a loan.  


Do not order Direct TV, cable, telephone, internet or any utility that will pull a credit report, unless you want to write a letter of explanation about the inquiry on your credit report to your Mortgage Company.


Do not go window shopping and let people pull your credit report.  Do not sign up for store credit cards.


Do not buy any large ticket items (like $5 or more!).


Do not make David Copperfield deposits (all funds need to be traceable).


If your mortgage permits gift funds, do not forget to get a gift letter and a bank statement for the funds.


Do not forget to tell the person giving you a gift that you will need a gift letter and some proof or funds (usually a bank statement). 


Do not delay paperwork because you are irritated by the frequency and number of requests from your Mortgage Company.  It is not so much that it is more difficult to get a mortgage these days, its that there is just much, much, much more documentation required!

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