If you look at getting a mortgage and the complexity gives you pause, you aren’t alone. Many people find mortgages to be complicated and even overwhelming. That’s why it’s so important to find a specialist who can educate and empower you to make smart decisions. After all, the way you handle your mortgage can impact all aspects of your financial world for years to come. At United Mortgage Group, we specialize in making mortgages simple, beneficial, and easy for clients in Florida and Alabama. Get in touch to learn more!
Connect With A Loan Officer Early And Get Pre-Approval
It’s never too early to connect with Gwynne Price, your loan officer at United Mortgage Group. The sooner you start a conversation, the sooner you can get a feel for where things are going. It is a good idea to meet with a loan officer well in advance of any shopping because this will give you a chance to assess your strengths and weaknesses before wading into the local housing market, which moves quickly and favors the prepared (and pre-approved).
Remember That Job Changes Can Negatively Impact The Mortgage Process
Make every effort not to change jobs, quit, or become self-employed while the mortgage process is in motion. The loss of your current job can stall the process and require you to wait to apply again. Most lenders need to see two years of employment history in the same field and will need at least one pay stub to verify income. The last thing you want is to be trying to close on a house and have a financing delay!
Avoid Applying For New Credit Cards
This is a common mistake that impacts a lot of people who are trying to source multiple sources of cash in order to refinance, remodel, or move out. Unfortunately, each credit card application makes a mark on your credit report, which directly impacts the amount you can borrow. In some cases, the score changes have disqualified applicants completely. Wait to apply for (or accept) credit card offers until your mortgage is safe and settled.
Keep Paying Your Bills On Time
Because your bills have a direct impact on your credit score, it’s important to make sure you keep after them, especially while applying for a loan. Many lenders request re-pulls on credit before approving a loan, which means that if you have faltered since their preliminary pull, they will notice the drop in credit score. Staying on top of your bills ensures a lower interest rate and a smoother application process.
Applying for a mortgage can be a great experience with the right broker. Choose Gwynne Price of United Mortgage Group for all your needs in Alabama and Florida. Get in touch today to learn more!