MORTGAGES: What NOT to do!

Do you have any tips on how to get through the seemingly daunting mortgage process with as few headaches as possible?

 I certainly do!  Below are a few pointers on what you should not do if you want your mortgage to move smoothly through the process!

• Don’t quit your job
• Don’t change your job
• Don’t get a promotion
• Don’t buy any large ticket items (like five dollars or more!)
• Don’t make David Copperfield deposits (all funds need to be traceable)
• Don’t forget to tell anyone making a funds gift to you that you will probably need a gift letter and some proof (usually a bank statement) that they had the money to give
• Don’t forget to tell the lender about child support, alimony, wage garnishments or any other payroll reduction
• Don’t co-sign for even a candy bar!
• Don’t schedule a vacation before we close (especially a cruise)
• Don’t order Direct TV, Cable, Telephone or any utility that will pull a credit report unless you want to write a letter of explanation about the credit report to the mortgage company
• Don’t change your name during the mortgage process
• Don’t go window shopping and let people pull your credit

Assuming that seems pretty straight forward to you, below are a few more choices some buyers make that make the process more difficult than it needs to be:

• Not being up front with your loan officer (hiding information)
• Finding a lender on the internet that offers a 0.001 interest rate
• Finding a lender on the internet that offers a 000000.1 interest rate and is from outside of the area
• Using a 100% Online Lender
• Not using the name on drivers license for mortgage docs (use Jr. and Sr. if required)
• Not telling your lender if you lose your job before you close
• Not shopping the Good Faith Estimate
• Delaying paperwork because you are irritated by the frequency and number of requests from the mortgage company

Take these pointers to heart and you will greatly simplify your mortgage process!