You have found your perfect home in California, now what? Have you prepared for your loan? Do you know what you should and shouldn’t do during the entire loan process? I am here to help guide you and tell you where to start.
Buying a home is a big step and getting a mortgage can be very intimidating, but if you are prepared, the process can be much easier for everybody involved.
One of the most important things to do is have your paperwork ready. These will include job information, income, assets, liabilities, tax returns and credit ratings. It is important to know in advance what your FICO score entails and how to fix it if you need to. You will need the last two years W2’s and your most recent paystubs and proof of assets.
It is also important to research your loan options. There are a lot of different loans out there and understanding them is vital to making the right decision.
Here is a list of Do’s and Don’ts to adhere to during the application and loan process from Capital Lending Network:
Do continue making your current mortgage and rent payments.
Do stay current on all of your accounts.
Do stay at your current job.
Do keep your current insurance company.
Do remain living at your current residence.
Do use your credit as normal.
Do call your lender with questions.
Don’t make any large purchases.
Don’t apply for new credit.
Don’t open new credit cards.
Don’t transfer any balances around.
Don’t pay off anything without talking to your lender first.
Don’t buy any furniture.
Don’t close any accounts.
Don’t max out or over charge your credit cards.
Don’t consolidate debt onto 1 or 2 credit cards.
Don’t take out a new loan.
Don’t start any home improvements.
Don’t finance any elective medical procedures.
Don’t open a new cell phone account.
Don’t join a fitness club.
When you are ready to purchase a home, we at Haylen Group are here to help you with all of your real estate needs! If you are unsure what your options are, call Helen Chong at (408) 800-LIST or email at Helen@HaylenGroup.com. You can also visit us at our website for available listings and additional information.