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A lot of problems arise because a consumer doesn't understand what's happening behind the scenes of getting a mortgage. My mission is to change that!
Understanding that process, the timelines, and the guidelines more accurately can help you with a smooth and on-time closing.
Since less than 50% of mortgage applications get to closing, I've created a list of my 10 commandments of what to do and what not to do while in the mortgage process.
1. Do not buy a car when you are in the process of getting a home mortgage unless you plan to live in it.
2. Do not change positions at work, especially don't go from salary to commission or salary to bonus. The best thing to do is not make any changes while you're in the mortgage process. Be completely frozen if you want to go to closing.
3. Do not finance anything while you're in the mortgage process. I know it's very tempting to get your refrigerator or to get your washer and dryer, but that could end up in a last-minute loan denial. It's best to wait till after closing.
4. Do not change bank accounts during the process. I know you may be moving from state to state and need to move to a new bank, but do not do that! It's difficult to paper trail and it can cause a time delay and definite issues with your loan.
5. Do not close any accounts while you're in the mortgage process. It can actually change your credit history, your credit timeline, your number of trade lines, as well as your credit score, and it could cause a loan denial.
6. DO follow exactly what your loan officer says, exactly to the T!
7. Do not stop paying your bills. No matter what is going on, make sure you continue to pay every bill on time.
8. Do not decide to become unemployed during your mortgage process or decide to change jobs.
9. Do not max out your current credit cards or do not apply for any new credit cards while in the mortgage process.
10. Do not co-sign a loan for anyone while you're going through your mortgage process.
If you follow these ten commandments, you will be on your way to an on-time closing.
And if you want to learn more information on how to get through the mortgage process with an on-time closing and how to choose the right loan officer for you, pick up a copy of my book, Mortgage Peace.
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