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.
- 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. - 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. - 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.
