San Diego Mortgage Tips
- -Get a comprehensive pre-approval. Sellers almost always prefer buyers who come equipped with a pre-approval document in hand when making an offer to insure that the financing will be backed up by your lending institution. Having your pre-approval document secured can also help you avoid any problems in the qualification process in the future.
- -Maintain your credit profile.It’s best to check on your credit score regularly in the weeks leading up to your home purchase. Avoid any major alterations to your financial obligations on your credit file. Do not under any circumstances apply for additional credit cards or have any late payments. This can create major issues during the loan approval process because lenders want to see stability on your credit report.Make sure you get a copy of your credit report to validate your credit standing. You are allowed to get one free copy of from Experian, Equifax, and Transunion once per year, without it showing inquiries on your report.If you have any negative items on your report we recommend hiring Dallas Credit Repair to make sure items are permanently removed from your record.Their nationwide credit restoration services are very fast and reliable.
- -Organize yourself.You’ll want to make sure you have put together to all of the documents you are going to have to show to your lending institution. In the weeks leading up to purchasing your home, collect pay stubs, bank statements,investment portfolios and asset disclosures,W2 Forms,and any other mortgages you may have or properties you own.
- -Prepare to write letters.It may seem odd but in some specific situations lending institutions will require letters of explanation in regards to particular transactions or issues in your financial world.
- -Don’t move money around.In the weeks leading up to the purchase, don’t make any significant changes to your money situation. Avoid getting yourself caught up in endless paper trails and making things more difficult for the lender to make a decision.
- -Get your gift early.If you’ve looking at receiving a gift in order to come up with the down payment, it’s highly recommended that you have it in your account 2 months prior to buying your house. This keeps your lender from having to source the origin of the funds.
- -Self-employed? Organization is the key.Since 2012, there have been even stricter mortgage restrictions and if you’re a self-employed borrower that means more hurdles to jump through.Taking extra time to get all your documents together and well organized will pay huge dividends in the long run when you are self employed.
We all love San Diego and we all love the outdoors so getting into the home of your dreams can be a reality if you follow these guidelines.Stay focused and start building your future as a homeowner in this amazing community of San Diego.