Friday, July 27, 2012
How to Get a Great Mortgage...Approved. #10 of 10
Another result of the closer scrutiny from Fannie, Freddie, the FHA and lenders themselves is that all your key financial qualifications are freshly re-examined before the lender issues docs for an approved loan. They will pull a credit supplement to see if you’ve applied for any new debt. They re-verify your employment to make sure you’re still working. They do a nationwide search to see if you own any other property. They get a transcript from the IRS to confirm that the taxes you supplied are in fact the same you filed.
It is far from unusual for loans to be thrown into limbo or rejected after this final check. Before you apply for a loan, and particularly once you’ve begun the loan process, make sure to keep your financial ducks in a row. Do not change jobs. Do not make any major purchases or sign car leases, student loans or co-sign someone else’s loan. Do not miss any payments. And if you have an issue with a creditor, do not file a dispute with the credit bureaus.
None of these 10 recommendations for smoothing the process to obtain a loan should discourage you from applying. Rates are unbelievably low and there are myriad programs available so that many people can qualify that may think otherwise. Even though almost every loan has its share of problems, my firm has brought more than 95% of our applicants across the finish line. We are experts at spotting and solving issues. For more than 20 years, we’ve helped qualified buyers accomplish their dreams and goals.
For a free mortgage loan consultation with absolutely no obligation, call me, Bill Rayman, at 310-295-6213
In no particular order I enjoy owning unusual breeds of dogs and cats; love to travel to exotic locations where there are opportunities to learn about even more exotic animal and sea life or the culture of the locale; follow the movies, Knicks, Clippers, and the Yankees; and work way too hard supporting all those passions.
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