At Credit Law Center we work with several different Mortgage Companies across the globe and want to continue educating our consumers that may be thinking about buying or that may be in the process currently. Some clients that we work with are also currently working with lenders to get approved for a loan. Combining what we know about credit, and what our lenders tell us about the loan process, we have broken down and compiled a short list to keep you informed so you feel comfortable in whatever stage you may be in.
Here is what you have the green light on!
- Review your credit report in depth (prior to applying if possible) and look at your credit scores-Credit can impact several things (PMI, Interest Rates, etc)
- Communicate with your lender-Find a lender that works for you and is available for you and communicates with you throughout the process.
- Decide what the best “type” of loan will be for you-Ask questions and listen to all options out there.
- No large deposits
- No unnecessary job changes-These can have an impact on your qualification and the way your income is calculated
- No large purchases-Do not go buy new furniture for the new house you are pining over just yet!
- Don’t pay off a collection during the loan process-This can negatively impact you and potentially drop your credit scores and lower the chances of you getting approved!