Posted on: 06th Feb, 2011 06:22 am
Hi i want to know what are all the things we should avoid before applying for mortgage loan and also procedure for applying mortgage loan?
avoid unnecessary inquiries
dont apply for any other credit
dont dispute items on credit(if you are disputing, you shouldnt be applying)
avoid lendingtree type companies. they dont lend, they sell leads and charge a ton of money for those leads... who do you think pays for the lead in the end?
no large (unexplainable)deposits on the previous 60 days bank statements
get referred to a loan officer by a friend or relative who has recently had a good experience with their lender
dont apply for any other credit
dont dispute items on credit(if you are disputing, you shouldnt be applying)
avoid lendingtree type companies. they dont lend, they sell leads and charge a ton of money for those leads... who do you think pays for the lead in the end?
no large (unexplainable)deposits on the previous 60 days bank statements
get referred to a loan officer by a friend or relative who has recently had a good experience with their lender
As stated above you should avoiding taking out any new credit (credit cards, loans etc). You may want to pull your credit and see what is reporting on it before applying anywhere so you can gather any necessary documents if you have paid off collection accounts etc...
Be prepared to disclose all income,assets, debts and tax information
Banks do not like to see large deposits, and withdrawals. If you have large sums of money going out and in make sure you can explain these things. Lenders like a paper trial for everything!
Good Luck!
Be prepared to disclose all income,assets, debts and tax information
Banks do not like to see large deposits, and withdrawals. If you have large sums of money going out and in make sure you can explain these things. Lenders like a paper trial for everything!
Good Luck!
