- Get your documents ready. You should be prepared for a meticulous review by lenders underwriting departments because of new mortgage regulations effective in January. Lenders are looking more in detail for borrowers ability to pay back their loans. Borrowers should be ready to show: bank statements, 2 years of tax returns, W2s, investment accounts and documentation of all assets they own. You will need to explain large deposits to your accounts. Even a family member gift may delay the closing if there is no way to justify where the money came.
- Shop for Mortgages. Lender’s refinance business is downhill. Now they will be more inclined to pay attention to home buyers and offer better deals. Beware of points and closing costs as well in your comparative.
- Take care of your credit. To get the best mortgage rates you will need to have credit scores of 720 or higher. You may still qualify for a mortgage but you will end up paying more.
- Hold your large purchases for after closing. Make sure you wait until after closing to buy that amazing flat screen TV for your new home. Lenders need to ensure you meet with the criteria in the guidelines regarding % of debt compared to your income. You should also stay current in all your payment obligations.
- See if you can lock a rate. Mortgage rates are expected to rise in 2014 as the Federal Reserve winds down its $85 billion per month bond-buying stimulus program. A rate lock is usually good for 30, 45 or 60 days, although the time period can vary among lenders.
I have several Lenders that can help you with your Mortgage pre-approval. if you have doubts, just call and I will work with my team to assist.
Call me today to schedule a personal consultation 754-400-1566 or
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