Things You Need To Know When Purchasing Your Home
Are you planning on purchasing a home? That's great news! But, here are a few crucial things to be aware of before starting the process:
- Don't have anyone else pull your credit.
- Don't cosign anything for anyone.
- Don't open any new accounts, make any big purchases with credit cards, or increase balances on charge accounts.
- All credit disputes need to be resolved.
- Be sure to make all your payments on time.
- Any large deposits you make need to be documented. Avoid adding large cash deposits into accounts – Ask your loan officer what you can do if you have "cash in the mattress."
- Don't leave your job! Any interruption of income can cause your loan to ultimately be declined. This includes changing careers, going on maternity leave, and going on temporary unemployment.
- Homeowner's insurance needs to be paid in full before the closing.
- If you currently rent, start paying by check. Doing this makes it easier to get qualified if you can prove you have been paying rent on time for 12 months, but it's not necessarily a deal-breaker.
- To meet your closing date, you must get any documents or information requested as quickly as possible.
As well to help you, here is a typical list of items required when applying for a mortgage or getting pre-qualified:
- Two years of tax returns (all pages) and W-2's
- One month of paystubs
- Two months of bank statements, all pages
- Any pension, retirement, etc., two most recent statements, all pages
If you find yourself in a situation with any of the above and need guidance on the process of purchasing a home, our expert team here at Superior Mortgage Co., Inc. is ready to help! Please don't wait till it's too late; give us a call today!