Applying for a mortgage loan can be an intricate and nerve-wracking process, but with the help of mortgage brokers and loan officers, most borrowers can find a mortgage loan that fits within their financial means. Premium Mortgage Corporation has been helping potential homeowners find responsible mortgage loans for over 15 years, with offices in Buffalo, Rochester, and Syracuse, NY, as well as Barre, VT. Below, they explain five common mistakes many potential borrowers make during the application process.
5 Mistakes To Avoid While Applying For A Mortgage Loan
Don’t Fudge Information
The key to a healthy mortgage loan application is accurate information. There is essentially no situation in which it is wise to present inaccurate information to your loan officer or mortgage broker. These agents have an array of modern data tools at their disposal, so it is incredibly difficult to successfully hide relevant mortgage loan information from a bank or mortgage broker.
One of the functions of the mortgage application process is to make sure your loan fits within your means, which works to both your advantage and that of the lender. Any information you believe may be relevant — other obligations or loans you’ve co-signed on, for instance — should be brought up to your loan officer. If you’re at all unsure, just ask.
Don’t Shift Obligations To Your Credit Cards
Avoid making any major changes to your financial situation while going through the mortgage loan application process. It’s important to be able to evaluate your financial status accurately to make sure your loan fits, and shifting debt between accounts or leaning more heavily on credit cards in advance of approval can throw off the process.
Don’t Make Any Other Major Purchases
By the same token, making any other changes to your debt obligations — from buying or leasing a new car or boat to establishing a payment plan for a new TV or washer and dryer — can throw off the calculations. Try to save major changes for after your mortgage is established and you’ve budgeted appropriately.
Don’t Make Changes To Your Income Level
Your ability to meet the obligations of your mortgage loan will be gauged by your loan officer partly based on your expected income level, so don’t accept a new job at a lower rate of pay or take significant amounts of unpaid time off while your loan is being processed. Your mortgage loan depends upon the assumption of some level of financial stability, so keep your income steady if possible.
If you’re a potential homebuyer seeking a mortgage loan in upstate New York or Vermont, contact Premium Mortgage Corporation to speak with one of their experienced, sensible loan officers. Visit their website to find out more or call (877) 690-7240 today. You can also connect with their team on Facebook and Twitter.
Corporate Contact Information:
2541 Monroe Avenue, Rochester, NY 14618
Equal Housing Lender
Licensed Mortgage Banker NYSDFS