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

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:

  1. Refrain from registering for new credit of any kind, for example an automobile, furniture, refrigerators, washer and dryer or any other large items.
  2. Current credit card accounts should remain open.
  3. 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.
  4. Stay employed with the current job you have
  5. Abstain from consolidating the debt on one or two credit cards
  6. Tax liens and judgments should be repaid
  7. You are required to pay off your collections report, but for all of the others, ask Julie
  8. Maintain a current stability on your existing account
  9. 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.
  10. Stocks and bonds should be sold before the down payment or closing
  11. 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
  12. At 60 percent of the balance, 401Ks and retirement accounts are qualified.

If you have any questions and concerns about the mortgage process for your home in Encinitas, call Coldwell’s Julie Myers Bruun at 619-977-2888

By Linda Moore

 

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