All About Denver Mortgage Loans And Loan Services!
Are you in the market for Denver mortgage loans? As you begin the steps toward securing your home loan financing, please visit the pages below to learn more about the type of financing you need as well as the many programs that we have available to help meet your needs:
When you’re considering purchasing or refinancing a property there are several things you’ll want to avoid as they can have a negative impact on your loan and available financing. Keep these DON’TS in mind:
Don’t buy or lease an auto.
We look carefully at your debt-to-income ratio and if you have a new large payment such as a car lease or purchase, it can greatly impact those ratios and prevent you from qualifying or qualifying for the loan amount you had hoped for.
Don’t move assets from one bank account to another.
In some cases transfers from one account to another show up as new accounts and can complicate the application process. Depending on the situation you may need to disclose and document the source of funds for each new account, which just adds more items to your already full to-do list. On our end, we’re able to verify all your accounts (so no need to move things around).
Don’t change jobs.
A new job may involve a probationary period which must be satisfied before income from the new job can be considered for qualifying purposes. If at all possible try to stay with your current company. We realize that this is not always possible. If that’s the case, please communicate with us and we can work together to find solutions.
Don’t buy new furniture or major appliances for your “new home.”
This item is similar to the situation of buying a new car. If the new purchase increases your debt load (at all), it can disqualify you from many of the Denver mortgage loans or deplete the funds you need to close. Try to save all “new home” purchases until after your loan closes, then go shopping!
Don’t run a credit report on yourself.
Take this off your list and let us take care of it for you. When you run your credit it will show as an inquiry on your lender’s credit report. Inquiries must be explained in writing later during the loan process.
Don’t attempt to consolidate bills before speaking with your lender.
We understand the temptation to try and “clean up” your financial life before you have to share it during the loan process. However, consolidating bills/debt and or making any major changes to your financial profile can adversely affect your ability to qualify for a loan. If you have questions or would like to make changes, let us know and we can advise you as to whether it needs to be done and what is the best for you and the process.
Don’t pack or ship information needed for the loan application.
We know that moving is hectic! It’s easy for important paperwork such as W-2 forms, divorce decrees, form DD 214 (VA loans only) and tax returns to end up in boxes they shouldn’t. Make sure these items aren’t packed up with the rest of your belongings as duplicate copies can take weeks to obtain.
Don’t stop paying your current mortgage payment (on-time).
Just because you’re going to or have applied for a new mortgage doesn’t mean you can stop paying your current mortgage! Make sure to stay current and on-time so that it doesn’t affect your credit score mid-process.
If you’re ready to get started with your home purchase, please give us a call (720.974.8400 x2) or email us (firstname.lastname@example.org) today!