What should be done:
- Make finances in order:
It is compulsory to make sure that the document is thorough, accurate, and complete to get a loan. The mortgage paperwork varies, but it has
- Loan application
- Financial verification documents: W2, pay stubs, tax returns, alimony, or child support documents.
- Assets and the debt documentation: bank statements, investment accounts, credit reports.
- Respond as quickly as possible:
It is necessary to be responsive to the loan team. It is better to respond within 24hrs as it would help the loan team to move forward faster to close the loan in time. The longer the time to respond the longer the time for closing the loan.
- Maintaining the current employment throughout the loan:
It is recommended to swift jobs only after the loan has closed. Employment and salary play a huge role in the process of mortgage. Switching jobs would affect the loan process by affecting the loan timeline and even the ability to close it. Keeping the current employment is not always possible therefore it is to be noticed by the loan team.
- Ask Questions:
This is the most important one that is to do. Throughout the process of mortgage, the Guardian loan originator will make everything clear. Therefore it is important to make everything clear with questions.
What should be avoided:
- Don’t wait until you find the perfect house to apply for :
It is better to apply for pre-qualification when you start looking instead of after it is finished looking. The best thing that happens because of a pre-approval mortgage is that the house that is fixed will not slip away from nonpayment.
- Submit only the completed documents or photos:
Time is the most important element in the housing industry therefore any incomplete documents would slow the process of mortgage. It is recommended to take time to ensure the documents are completed or not before applying for a mortgage.
- Depositing or transferring a huge amount of money should be avoided:
All the transaction details should be produced by the loan team in order for them to provide you with a loan. If the transaction is too big plus or minus the loan cannot be processed, therefore it is advised to inform the loan team before any large transaction.
- Applying for any other form of credit should be avoided:
Applying to multiple credit forms in the same period would affect the credit score. If you know double-dipping on a mortgage a lot of dollars can be saved.
- Paying attention to marketing calls offering mortgage deals should be avoided:
Having a low credit score would attract more calls anf offers from various companies or worse they will steal your details. Ignoring them will be the wise option.