One of the hardest part Russ Whitney says of getting a mortgage is interpreting advice from all the parties involved: mortgage lender,real estate agent and many more.There are some common pitfalls which could help you miss out a great mortgage rate through certain criteria.
Exclude your financial Profile Details:
A good mortgage lender will begin by reviewing your basic personal and contact information, employment and residence history, income, assets and debts.Russ Whitney guides all that if you don’t provide absolutely every detail about your financial profile, it can throw off the entire loan process.
Don’t provide any Documentation:
The lender will also run your credit, which can reveal employers, addresses, debts and other credit inquiries that you didn’t disclose.Russ suggests all even if one single page of any piece of documentation is missing, you’ll be asked to provide it.
Don’t share Home Details:
The real estate agent will take the lead,because the lender must provide these critical milestone dates that your agent writes into the contract.If you miss either of these dates in your contract, you risk losing your initial deposit on the home.
Being Unrealistic on Rates:
Ensure your lender is accounting for the possibility of higher rates so your loan approval remains valid says Russ Whitney even if rates rise.When a seller accepts your offer, you’re in contract to buy your home and ready to lock a rate for your mortgage.