8 simple tips for your next mortgage

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Choosing the right lender will help you select the right mortgage loan and terms for your needs. Your lender should explain the mortgage process to you and provide you with competitive rates, terms and products for your successful home purchase.

1. Start saving
As soon as you know you want to purchase a home, start saving. Down payments typically range from no money down to 5%. Your upfront expenses are typically around $1,500 to cover your earnest money deposit, home inspection and appraisal. Your lender can also discuss family gifts, grant programs and lending incentives.

2. Get your financial documents in order
On your first visit, ask your lender for a list of documents required during the mortgage process. The quicker you deliver these items, the faster the process will go. Often, delays in the buying process can be avoided with timely paperwork.

3. Download your lender’s mobile app
Download your lender’s app or visit their website to use a mortgage calculator that helps you predict monthly payments.

4. Compare loan options
Your lender should explain all lending products that you may qualify for and offer a comparison chart for you. Not all mortgages are equal; terms, rates and down payments vary.

5. Get pre-approved, not pre-qualified for a mortgage
Don’t get prequalified for a mortgage, get pre-approved. Sellers and their agents often look for or require pre-approvals to accompany offers to ensure your lender has reviewed your financial information and is likely to grant the loan.

6. Don’t max out
Don’t max out your credit cards, close old accounts, consolidate debt, pay off collections or have your credit pulled multiple times without speaking to your lender first. Once under contract, the golden rule is don’t spend money on anything that is not a true necessity and pay your bills on time.

7. Don’t quit your job
Don’t quit your job while applying for or under contract. A change in employment can affect your loan qualification. Stay put until after you close on the deal!

8. Don’t make large deposits
Don’t make untraceable deposits into your bank account. Ask your lender before making any unusual deposits, as these can lead to your loan being delayed or denied.

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Based on information from California Regional Multiple Listing Service, Inc. as of 12/13/2019 22:03 and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Data last updated: 12/13/2019 22:03