Financing a home can be really stressful. Whether you are looking for a home to buy or would like to refinance your current home there are a few things you do upfront to ensure a smooth close of escrow.
- Do not allow anyone to pull your credit for any reason except your mortgage lender. Credit inquiries in the last 90 days will pull your credit score down. The lenders do what is called a credit refresh just before your loan funds and a lower score or other activity could lead to a delayed closing.
- Do not make any deposits into your checking, savings and investment accounts that you cannot track in the last 60 to 90 days before you apply for a loan. Cash deposits are unacceptable and may jeopardize your closing.
- If you are buying a home ask for a copy of the homeowner’s monthly utility bills for electricity, gas, water and garbage and sewer. These are costs you may not realize you will have on a monthly and/or bi-monthly basis.
- You cannot get a loan if you are on temporary disability. You must get back to work or on permanent disability before you can be approved for a loan.
- Make sure you feel comfortable with you lender and that they communicate well with you. You should be able to email or call with any questions you may have and get a response from your lender in a reasonable amount of time.
If you follow these five simple steps you will have a much better experience financing or refinancing your home.
Please call or email me with any questions about buying and financing your dream home… Let me help make your dream of homeownership come true. I specialize in finding you the right loan that meets your specific needs and financial goals. With mortgage rates still near historic lows, make this year the year to make your homeownership dream come true. Kathleen@BeckHomeLoanPro.com or call 916-722-0395 to get started on your dream of home ownership. Kathleen Beck A person you can count on. West Coast Mortgage Group 2716 Broadway Sacramento, CA 95818 NMLS#243181