7 Tips to Help Your Mortgage Process Go Quickly and Smoothly

Mortgage Preparation List

1. Make sure your credit is in good shape

Check your Credit Score with a Mortgage Professional.
Try to lower your credit card balances under 10% of the limit.
It's best to have at least 3 open and active accounts listed on your credit report.

2. Try to avoid making any large purchases

Making large credit purchases like vehicles, furniture, jewelry, etc. before you buy your new home could affect the amount you end up qualifying for.

3. Gather your paystubs, W2's and bank statements

30 days of recent paystubs, the last 2 years of W2's will be needed. If your self-employed then 2 years of tax returns will be required.
Be prepared to explain any gaps of employment.

4. Avoid large cash or unverified deposits into your bank account

Any large unverified deposits made within 60 Days of your loan application cannot be used toward your home purchase.
Verified large deposits are ok. Example: income from your job, income tax returns, deposits from 401K, etc.

5. Determine a down payment

It is always best practice to have your down payment prepared before applying for a mortgage loan.

6. Obtain a pre-approval letter from an Mortgage Professional

The 3 documents that are needed for a pre-approval letter are 30 day paystubs, 2 years W2's (or 2 years tax returns if self-employed) and 60 day bank statements.
Pre-approval letters can be issued the same day or within 24 hours.

7. Research a local real estate agent

Finding a local real estate agent in the area of your home search can help with finding the right home for you and will know how to better negotiate on your behalf.

NMLS #1170397 A Member of Edge Home Finance Corporation NMLS# #891464

Edge Home Finance Corporation NMLS#891464, a Licensed Mortgage Company. This is not a commitment to make a loan. All approvals are subject to underwriting guidelines. Loans subject to borrower qualifications, property evaluation and credit approval. Rates and terms subject to change based on market conditions and borrower eligibility. Contact me for more details. LICENSED BY THE DEPARTMENT OF BUSINESS OVERSIGHT UNDER CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT

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