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Top Don'ts for Getting a Good Mortgage
We Discussed the Top Do's in the Last Section So Now We Will Discuss the Top Don'ts Associated With Loan Applications.
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Paramount to your successfully getting the loan of
your choice, do not make any big purchases in the months prior to making
your mortgage application. If a purchase requires you to take out loan,
such as for an automobile, or it depletes the savings that are intended
to be the down payment on your prospective mortgage, this is a financial
move that needs to be reconsidered and avoided at all costs. Any activity
like this will look bad to the mortgage lender's automatic credit scoring
systems. Further, human underwriters don't want to see you adding hundreds
OF dollars per month to your monthly expenses. Try to always keep your
total debt service to 36% of your gross monthly income for the best results
and for your own financial heath.
Relative to what your payments may currently be, do
not expect to have your loan request granted if you are going to be increasing
your monthly mortgage payments by any considerable amount. Lenders are
afraid that such a jump in payment expectations is unrealistic and posses
a greater risk on their part. Experience has shown them that they will
be at greater risk for it.
Don't think that being prequalified is the same as
being preapproved. So many people make this judgment error and fall short
of their goal of getting fully approved. Be certain that you are prepared
for the scrutiny of, and accomplish, the entire approval process, which
includes a full credit check and report, a check of your debt-to-income
ratio and all the other underwriting steps that may be required BY your
prospective lender. All of this will help you to obtain a loan and lock
in a rate and terms that are suitable to you.
Before deciding on whether to seek 15 or 30-year terms
be honest with yourself and take note of your own financial personality.
A 30-year mortgage and the way it is structured may not be the best route
for you to take if you are an easy spender and not a conscientious saver.
By going with the shorter term and higher payment you may be better off.
In keeping with point four above, and knowing what
your financial personality is, don't ever forget that home ownership and
financial responsibility go hand in hand. The ramifications of defaulting
on a loan are much greater than the penalty of missing a rent payment.
Make certain that you are well prepared to go the distance and to do whatever
it may take, or sacrifice whatever you may have to give up, to satisfy
your mortgage obligations.