Okay so we’re well into the New Year and we know you’re already wondering how to get a great mortgage in 2017, right? Well, maybe not. If you’re like most you have other New Years’ Resolutions you’re still working on and a mortgage really isn’t on the front burner…that is unless you’re getting ready to start shopping for a home. Here are some tips to make sure you get the best deal you can.
Know Where You Stand. Before you get too much further into the process take a full measure of where you are today. Get a copy of your credit report and look for any errors. Gather up your bank statements to see how much cash you have available for a down payment, closing costs and cash reserves.
Gather Your Data. Start digging out your two most recent W2 forms from all employers and if you’re self-employed your two most recent federal income tax returns. If you haven’t yet filed your taxes for 2016 it’s time to think about submitting. Lenders will want your two most recent returns and it can take some time for the IRS to accept your return.
Contact Your Mortgage Lender for a Preapproval. Contact your mortgage company and let your loan officer know you’re going to be buying soon and want a preapproval letter. You’ll be asked to complete a loan application. Don’t worry, you don’t need a property address at this stage.
Compare Closing Cost Estimate. Your loan officer will provide you with a Cost Estimate that will highlight potential closing costs you will see at your settlement along with how much you will need for a down payment and closing costs. Compare these amounts with how much cash you have on hand.
Understand Your Disclosures. Once you receive your initial cost estimate and loan disclosures make sure you’ve crystal clear on what you’re reading. You’ll be asked to review, sign and initial these documents and return to your lender. If you’re not clear about what you’re reading now is the time to ask questions.
Respond Promptly. When your loan officer or loan processor needs more information or clarification on something provided answer promptly. When the lender needs more information it means the loan can’t get approved and your closing could be delayed.
Don’t Change Jobs. Now’s not the time to start looking for a job or worse, change employers. Lenders will ask for your most recent pay check stubs but if you’re switching employers and previously provided your stubs to your old employer you may have to wait until your new stubs arrive.
Don’t Buy Anything. Well, you can certainly buy something but what is important that if you do don’t use credit. No new cars, no new credit cards and no new inquiries on your credit report.
Be Comfortable. Finance what you’re comfortable paying each month not necessarily how much you can qualify for. You might find out you can qualify for a much larger payment compared to what you’re now paying in rent. Finance what you want and don’t stretch payments to the point where you’re getting a bit uncomfortable.
Relax. Once you’ve submitted your application and found a property it might seem a bit quiet at first and you wonder what’s going on. If you have any questions certainly call your loan officer or loan processor but just because it doesn’t seem like much is going on the wheels are indeed spinning at the mortgage company getting your loan to the closing table. Exhale. Everything will be just fine.
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