Navigating the world of mortgages can feel overwhelming, whether you’re buying a home, refinancing, or adjusting your loan. Making the right choices can save you time, money, and stress, while missteps can create unnecessary challenges. At ONE Presidential Mortgage, we’re committed to helping you make informed decisions every step of the way.
Here’s a list of essential do’s and don’ts to guide you:
The Do’s
Stay Current on Your Payments: Always make your regular mortgage payments, even if you’re in the process of refinancing. If a payment is due right before your refinance closing, consult with your loan officer to determine the best course of action.
Gather and Organize Your Documents: Prepare key financial documents like recent pay stubs, bank statements, and tax returns. Underwriters may need updated information during the process, and having these on hand will keep things moving smoothly.
Maintain Stable Credit: Keep up with all payments on credit cards, loans, and other accounts. A consistent credit history demonstrates reliability to lenders.
Prepare for Your Home Appraisal: If refinancing, ensure your home is clean, organized, and accessible before the appraiser visits. A well-maintained property makes a great impression.
Communicate with Your Loan Officer: Keep an open dialogue with your loan officer. If you have questions about payments, documents, or any changes in your financial situation, don’t hesitate to ask for guidance.
The Don’ts
Don’t Open New Credit Accounts: Avoid applying for new credit cards or loans during the mortgage or refinance process. Changes to your credit profile could impact your loan approval or terms.
Don’t Deposit Large Cash Sums: Steer clear of depositing significant cash amounts unless you can clearly document their source. Unexplained cash deposits can slow down the underwriting process.
Don’t Change Jobs or Income Sources: Major employment changes, especially moving from a salaried position to commission-based income, can complicate your loan approval. Aim for financial stability until your loan is finalized.
Don’t Start Major Renovation Projects: If you’re refinancing, hold off on big home improvement projects until after closing. Construction or changes requiring permits can delay the appraisal process.
Don’t Dismiss Refinancing or Loan Options Based on Myths: You don’t need perfect credit or a massive rate drop to benefit from refinancing. Explore your options—you may still find savings or solutions that align with your goals.
Ready to Take the Next Step? Whether you’re buying your first home, refinancing for savings, or funding a new project, following these do’s and don’ts will help ensure a smooth and successful experience. At ONE Presidential Mortgage, we’re here to offer expert guidance tailored to your unique needs.
Let’s work together to turn your homeownership goals into reality. Contact us today!