Common Mortgage Mistakes To Avoid

How to Allow the Mortgage Process to Go Smoothly

There are many parties to consider when getting a mortgage, including your real estate agent, mortgage lender, tax adviser, escrow officer, and more. With everyone that is involved, it is very easy for your escrow to get held up. To help prevent any issues with your mortgage process, make sure to avoid these common mortgage approval mistakes.

  • Omitting details of your financial profile – your mortgage lender will start the lending process by looking at your personal information, such as your residence and employment history, income, debts, and assets. Make sure to answer each question truthfully, since wrong information can slow down the process.
  • Not providing the right documents – when your lender asks for documents, give them every single piece that they ask for. If your lender runs your credit and finds any information that you did not provide to them, you will have to explain why you did not provide it, and your lender will have to start the process over.
  • Mixing up pre-approval with approval – before you make any offer on a house, make sure to get your loan approved by an underwriter. Getting pre-approved for a loan means that you have talked to a lender and have given them the documents that they need, but it still does not mean that you have been approved. Anything other than “underwriting approved” with your loan means that you do not have an official loan.
  • Not sharing details of your home offer with your lender – when you put an offer in on a house, it will include specific information such as how many days you will have to secure a loan. Make sure to keep your lender in the loop so that they can meet these deadlines.

For all of your home buying needs and to ensure that you can move into the home of your dreams, contact professional realtor Cary Amo in Lafayette, California.

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