The 12 Do’s and Don’ts of the Mortgage Process

Real Estate Tips
Coldwell Banker Home Loans Mortgage Advisor Julie Myers Bruun, Credit card, credit score, encinitas real estate, Linda Moore, Mortgage process in Encinitas
February 11, 2014

When you’re searching for your dream home in Encinitas or the current loan that you’ve been working with needs to be refinanced, you may need to do a little research before you do so. That’s why we have assembled a do’s and don’ts list of the mortgage process according to Julie Myers Braun, a mortgage advisor of Coldwell Banker Home Loans:

Refrain from registering for new credit of any kind, for example an automobile, furniture, refrigerators, washer and dryer or any other large items.
Current credit card accounts should remain open.
The cards that you do have, DON’T max out or over charge. The best credit history is when you are utilizing less than 30 percent of the limit in your credit card.
Stay employed with the current job you have
Abstain from consolidating the debt on one or two credit cards
Tax liens and judgments should be repaid
You are required to pay off your collections report, but for all of the others, ask Julie
Maintain a current stability on your existing account
Non-payroll deposits should not be put into your account. You should during the process, if it is a must to follow this: Make a copy of the item deposited, don’t add cash or take money out, Make sure the check matches the deposit amount and indicate a deposited item online by printing it in a PDF file.
Stocks and bonds should be sold before the down payment or closing
As about the liquidation procedure. The underwriting, for mortgage approval, requires the amount to be in cash. For the reserves required, the stocks an bonds you have, you’re be qualified 70 percent
At 60 percent of the balance, 401Ks and retirement accounts are qualified.