Mistakes That Delay Mortgage Approvals


Mistakes That Delay Mortgage Approvals

Something as important as your mortgage should not be messed with, watch out for these common mistakes which can delay mortgage approvals.

One of the most difficult parts of getting a mortgage is understanding and interpreting all the advice from the mortgage lender, real estate agents, attorney / escrow officer, and all the other parties involved in your mortgage process. Since your mortgage lender is involved in all parts of the process, getting a lender who knows their stuff is the way to go in order to assure that your mortgage payment goes through.

  1. Not providing every single bit of paperwork
    Your lender will ask you for paperwork and it is important that you deliver all of it when requested. This includes the following:
    Two months of statements for all of your asset accounts.
    30 days of pay stubs.
    Two years of tax returns and W2s.
    Year-to-date business and other financial statements if you are self-employed.
    ∆ Explanations of all paper trails of all deposits and withdrawals over $1,000.
    ∆ Home insurance with adequate coverage for the type of home you getting.
  2. Excluding details of financial profile
    In order to qualify for a mortgage, your financial picture must be in pretty good shape. Make sure that you know your credit report – if your credit is less-than-stellar, consider repairing it before you apply for a mortgage.
  3. Mistaking Pre-Approval with Approval
    Pre-approval means that you have provided your lender with all the necessary information, but haven’t taken out the mortgage just yet. Do not mistake pre-approved with approved.

The sooner you have a mortgage approval, the sooner you can hit the housing market and choose the home that is right for you. Contact Elvin Wesley at Ranch & Coast Mortgage Group Inc. for all of your home loan needs throughout Solana Beach and San Diego County, as well as all of California.