Don’ts for Avoiding Common Mortgage Mistakes
1. Don’t wait until you find the perfect house to apply: Apply for pre-qualification when you know you’re ready to start looking, instead of when you’re “finished” looking. You’ll be better positioned with the seller and avoid potential heartbreak when you are preapproved for the type/price of home you are looking for.
2. Don’t submit incomplete documents or photos of documents: Time is of the essence in the current housing market. Don’t let incomplete documents slow your loan process down. Take time to ensure everything is in order before sending your documents to your loan originator. Likewise, make sure you’re giving your loan originator the forms of documents they need to complete the process.
3. Don’t make large cash deposits or give any large gifts without first talking to your loan originator: Your loan team needs a paper trail of all transactions to show why your bank accounts are fluctuating. Their goal is to ensure your income is coming from legitimate sources and that you’ll be able to pay off your mortgage debts. So, a large change in your finances, either plus or minus, could throw a red flag.
4. Don’t apply for other forms of credit before, during or shortly after your loan process: Multiple credit inquiries in the same time period could harm your credit score and cost you money. If you can avoid double-dipping on mortgage and credit card inquiries, you’ll potentially save thousands of dollars.
5. Don’t pay attention to marketing calls offering mortgage “deals”: An unfortunate reality of running your credit score is that it triggers a barrage of calls from companies looking to sell you a mortgage or worse, steal your information. Don’t let these calls shake you. Know they will come and know to ignore them.
If you are ready to take the next step in your Mortgage journey, Email me: beataw@dominionlending.ca
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