Congratulations you have decided to make a great decision and possibly purchase a home in Billings Montana. You may have even been pre-approved. There are a few things that you should make sure and not do when you are applying. They can help you to make the process run smoother and faster.
Make sure that you are not buying or leasing a car at the time you are applying. Lenders take in your debt-to-income ratio and a large payment can greatly impact your ratios. This can even prevent you from being approved for a loan.
Do not move around your assets. When you move cash from one bank to another, these show up as new deposits and complicate the whole process. When applying you have to document and disclose all your accounts and explain what each new deposit is. Lender in Billings Montana and all lenders require a thorough paper trail to document the source of all funds. Move your money and assets around later.
Do not make any major purchases for the new home. New purchases could include furniture, appliances, a 60 inch flat screen or whatever you want for your dream home. These purchases can make it so that you will not be qualified for a home loan.
Make sure you ask the lender what to do about existing debt. Do not pay off any old debt without consulting them, they may tell you to go ahead and do so. Paying off old collection debt will often signal to the credit reporting agencies that there is new activity on a negative entry and might affect your credit. Make sure to always ask professionals what would be best for the situation.
Do not pack up the necessary documents and forms that you may need. These forms include W-2 forms, divorce decrees, and tax returns. If you lose them they could take weeks to get a new copy.
Make sure that you are making regular payments on your current mortgage and other debts you have. Even if you are going to just pay it all off soon, make sure you don’t miss a payment. If you do it can cause your credit rating to drop. With the tight lending practices we are currently seeing, you need the best credit score you can get.
Make sure that you have told you mortgage broker about any changes in the sale price or terms of the sale. They can sometimes affect the loan and you may be required to submit more documents. We all know how long banks take to file and deal with documents.
These are some of the pretty common things that people do that can affect getting approved for a loan. Most seem like pretty common sense things but everyone makes mistakes once in a while, so just prepare yourself. If you are looking for property in Billings Montana Check Big Sky Property Solutions LLC to see what they currently have available.
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