Tag Archives: financing
Do’s And Don’ts During The Mortgage Process
Your credit, income and asset situation is critical to maintain during the mortgage process. Here are some do’s and don’ts to follow once you have decided to buy a home:
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DO’S,DON’TS
DO…stay current on existing credit accounts – make those payments ON TIME, DONT…apply for new credit or open any new credit accounts or close any currently open credit accounts
DO…continue using your existing credit as normal – but no large purchases,DONT…make any large purchases on your current credit account or increase your spending on current credit accounts – business as usual when it comes to credit
DO…provide all documents requested upfront and keep all original paystubs; bank statements; tax returns and other financial documents handy as you receive them. You may be required to update your loan file during the process.,DONT…co-sign for anyone else for a home or car loan or any other type of debt
DO…notify your mortgage lender if you are planning on receiving any gift funds for the down payment or closing costs,DONT…dispute any credit accounts on your credit report before or during the loan process – disputed accounts can alter your credit score
DO…notify your lender if you have any financial expenditures coming up during the loan process that will lower your assets,DONT…pay off any collections or charge-offs on your credit report unless advised by a credit professional or your mortgage lender – activating these accounts by taking action may alter your credit score
DO…notify your lender if you have any employment changes; raises or promotions or change in pay structure,DONT…make any type of employment or compensation changes without notifying your mortgage lender
DO…respond promptly to all request to provide documentation; sign documents or answer any questions your lender may have,DONT…close any current bank accounts; open any new bank accounts or move money around between accounts
DO…notify your lender if you are going on vacation or will not be available during the loan process,DONT…deposit any cash into your bank account without contacting your lender to discuss the requirements of documentation
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If you have questions regarding mortgages please contact one of our recommended lenders:
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Name,Company,Phone Number
Jake Coker,LendSmart,803-479-1186
Stacey Pierce,Yadkin Mortgage,704-634-6512
Mark Rawls,Movement Mortgage,704-506-8925
Sandy Dickinson,Summit Funding,704-577-0144
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Should You Buy a Home Now or Later?
Should You Buy a Home Now or Later?
In January 2014 the Federal Reserve, in a unanimous vote, decided to further decrease its bond purchasing. The bond purchases were the government’s stimulus package created to keep long term mortgage interest rates artificially low in order to help drive the housing market. Most experts believe that tapering will cause interest rates to increase as we move through the year.
