Choose your mortgage team wisely – Now more than ever having an experienced, knowledgeable
team to navigate through the sometimes muddy waters to get approved for a home loan is key. Like any service
provider, not all lenders are created equal or have the know-how to take you where you want to go.
Understand your credit – Your credit score can be the deciding factor on your home loan approval,
your interest rate and ultimately your house payment. It’s important to have your credit reviewed in
advance of finding your perfect home to be ready to buy. Team Clermont of Inlanta Mortgage offers
a no cost consultation to give you peace of mind while you are home shopping.
Be 100% honest with your lender – If we don’t know about it, we can’t help. Let us know of any
concerns and all details regarding your finances. The underwriting process consists of many
verifications to get approved and holding back on important details could slow down the process or end in denial.
Get all requested documents in as fast as possible – The financial markets have responded to
the troubles in our economy with adding more regulations and disclosures as well as additional
documentation. To ensure your loan is processed quickly, send in requested documents quickly.
Do not open any new accounts or allow your credit to be obtained during the approval
process – Changes in credit can cause delays, change the terms of your financing or even prevent
closing. If you must open a new account (or even borrow against an asset), please discuss with us.
Continue to pay all bills on time – Continue making payments on time. Your credit may be pulled
again before closing and any negative change to your report could cause a loss in approval.
Be prepared to submit documentation on all deposits around the time of the application
and through the full approval process – Primarily large, but sometimes even small deposits must
be sourced. Avoid depositing cash without discussing with us first and keep copies of checks
Plan accordingly for the approval process to take a little time – Obtaining a true pre-approval
in advance of finding your perfect home can speed up the process once you make an offer. This
process can take some time so it’s best to plan accordingly with scheduling your closing date.
Be aware of your budget – Although we will work within the budget of income and liabilities we
know of when recommending and approving a specific price range, only you know your spending
habits. We recommend completing a monthly budget to ensure you are comfortable with your new
house payment based on your current spending. We want you to be a successful homeowner.
Choose your mortgage team wisely to get – Again, not all lenders have the experience, education and
systems, built over 20 years to ensure the homeownership path is smooth. Educating, updating and
contacting all parties along the way and being a true resource is what brings our clients back. Allow
us to show you what we can do for you to get approved and anyone you know who needs good mortgage advice!
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