7 Tips for Those Shopping for a Mortgage
Considering the purchase of a home can be a daunting task. And when you finally decide it’s time to start shopping for a mortgage, the process can seem overwhelming. Worse still, if you’re not careful, you could find yourself in in a very difficult situation. Never fear, below we’ve compiled a list of 7 tips that will help you stay on track during the home buying process:
- The time to leave your job is not the same time to start shopping for a mortgage. It’s important to remain at your current place of employment during the entire home buying process. This helps show lenders that you have a reliable and constant source of income. This helps you appear as a much safer borrower, and less of a risk to mortgage lenders.
- Do not make any major purchases while you are considering a mortgage. Even though you are probably focused on locking in a rate more than buying a new flat screen TV, it’s critical to stay away from large purchases. A large purchase can go against your credit, which can make it even harder to find the right mortgage that fits your needs.
- One of the main components that lenders focus on is a borrower’s credit score. Keeping your credit score in the perfect range can become difficult. Because of this it’s smart not to open any new lines of credit or close any existing lines of credit.
- When you decide it’s time to start shopping for a mortgage you should start holding on to your pay stubs. Collect your pay stubs for a 30-day period. Presenting pay stubs to a potential lender is a major part of the mortgage process. Having your pay stubs already organized can help expedite this process.
- Going along with our previous tip, we also advise to collect two months of statements from your checking, and savings accounts. Keeping your income and asset documents readily available will facilitate in expediting the pre-approval process.
- Continue to make timely payments on all of your previous obligations. This may seem simple but too many people neglect their payments while they are shopping for a mortgage. This can negatively impact your credit score. Continuing to make timely payments will only help your credit and benefit you during the process.
- Get in touch with a trusted, and highly experienced mortgage lender. Bigger banks may just be trying to sell you the product that will make them the most money. Here at Lynx Mortgage Bank LLC everything is done in house diligently and timely. Contact us today. We guarantee satisfaction; never surprises. Don’t try shopping for a mortgage alone, we will be by your side during the entire process.
Lynx Mortgage Bank was founded by a small group of mortgage and financial professionals in Long Island, New York, seeking to offer customers a simple “no surprises” approach to the mortgage process. They offer a full range of products, from mortgages to home equity lines of credit.
Licensed Mortgage Banker; New York State Department of Financial Services.