Helpful Tips During Loan Process

As part of our continuing service to you, we’d like to offer some tips that may be helpful when you’re looking to purchase a new home or refinance your home loan.
Above all else, pay your bills and start saving.

It’s critically important to pay your bills on time. There’s no single element that dramatically affects the success of an application as much as your credit history. Another thing, of course, is savings. You should have a disciplined savings pattern, since that’s the kind of behavior that’s going to make you a successful homeowner.

Everybody comes into the real estate market with a different perspective and level of experience.  Some general rules apply to pretty much anybody when it comes to getting the money to buy a home.



1.  Do Make loan and other debt payments on time, especially over the months leading up to the filing of your mortgage application. It sounds simple, but every 30-, 60- or 90-day delinquency on a loan or credit card will reduce the credit score the lender ends up considering as part of the loan file. That score, in turn, will determine the interest rate you get on your home loan.

2. Don’t make any big purchases over the next couple of months. Besides the obvious fact that it makes less money available for the down payment, it might require you to get yet another loan. A significant debt such as a $15,000 auto loan will look bad to the mortgage lender as they review your credit-worthiness. Plus, this adds to your monthly expenses and may affect your ability to qualify for the mortgage loan you want.


Look for the next Do and Don’t tip tomorrow……

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