6 Do's & Don'ts of Getting a Mortgage
DO: Work with a licensed mortgage originator to get better financing options There are hundreds of banks and lending institutions out there. What an experienced loan originator offers, besides knowledge, are choices and flexibility. A good loan originator can evaluate your property purchase plans, analyze product options that best fit your needs, and help you obtain the best possible loan terms. DON’T: Quit or switch jobs during the home buying process (without first speaking to your mortgage professional) For mortgage banks, lending money is all about risk analysis. Borrowers need to demonstrate steady employment and the ability to consistently meet their monthly payment obligations. In fact, most lenders won’t consider variable earnings (e.g. bonus, commissions, overtime, etc.) from a newer job when evaluating your borrowing power, and they will verify your employment status within 24 hours of closing. If you quit your job before the closing, your deal could be in jeopardy. DO: Get p...