Simplifying The Mortgage Process

Do you have any tips on how to get through the mortgage process as smoothly 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!  This is critically important these days when competition is more intense for homes!

• Don’t quit your job
• Don’t change your job
• Don’t get a promotion
• Don’t buy any large ticket items (like five hundred 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 an unbelievable low interest rate
• Using a 100% Online Lender
• Not using the name on drivers licenses for mortgage docs (use Jr. and Sr. if required)
• Not telling your lender if you lose your job before you close
• Not shopping for the lowest costs and best rates
• 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!