Dos And Don'ts Before You Start The Mortgage Process

Don't blindly go to a lender that is referred to by your realtor. Realtors will typically refer a client to a lender whom they have a referral relationship with. This lender may not be the best choice for you nor may they offer the best loan products for your particular home loan needs. You should always shop around for a lender yourself. Always do your research before committing yourself to a lender. Getting better terms will translate to thousands of dollar savings over the life of your mortgage.
Don't automatically go to the lender with the lowest rate. The quoted APR (Annual Percentage Rate) by a prospective lender is not the only consideration to go by. You must ask the lender what fees were included in the calculation of the APR. Fees can be appraisals, Private mortgage insurance and loan processing. The one that quoted the lowest APR might not include all the required fees in processing the loan. If you do sign with that particular lender, you might be paying unforeseen fees or learn that you will be paying extra points. You might not be getting the best rate after all.
Do get a pre-approval before shopping for a home. Getting pre-approved means that you have the loan to purchase your house. Your lender has gone through the detailed process of reviewing your income, assets, credit history and other relevant information to see if you fully qualify for the loan. The advantages are many when you get the pre-approval first.
Don't buy a new car or incur any other new debt. This will raise your debt to income ratio and limit the mortgage amount you will qualify for.

Dos And Don'ts While Your Mortgage Is In Progress

Don't allow anyone to run your credit report or give them your social security number. Each time you do you are risking a lower grade before we go to settlement.
Do not incur any new debt! Incurring new debt will affect your debt to income ratio and could cause you to no longer qualify for the loan.
Do pay all of your bills on time from now until we call you with settlement date.
Do pay all of your mortgage or rent payments on time.
Do your best to cooperate with representatives of our office if they call and need further explanations or paperwork.
Don't wait right before the closing to start shopping for home insurance.
The moment your offer is accepted, start shopping for insurance. This will give you time to find the best rates and conditions.

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Get Pre-approved before shopping for a home so that you can shop for your new home with confidence.