What Are The “Don’ts” on a Mortgage Loan?

ADDED ON April 26, 2014 10 COMMENTS

What are the “don’ts” on a mortgage loan?

Applying for a new mortgage loan can be a stressful time. There are several steps that need to be taken, paperwork to gather, and preparations that need to be done. In recent years the banks have had very tight rules when it comes to qualifying for a mortgage loan. Any small diversion or change can definitely put your loan at risk. But are there certain things you could do to help your mortgage loan process? It is very important that you keep note of the following factors that may affect you:
•Do not cash deposits other than you normal salary.
•Do not get married during the loan process.
•Do not use your credit cards and maintain a low balance.
•Do not close any credit accounts.
•Do not open any new credit accounts.
•Do not co-sign a loan for anyone.
•Do not change or quit employer without inquiring about the impact this change would have on the approval.
•Do not allow someone to order your credit report.
•Do not take any vacation time during the loan process.
•Do not make any large purchases over the next couple of months.
If you follow these steps, then you should have a higher chance to qualify for a mortgage loan. We also encourage you to do your homework and research in advance. Being informed will help you to avoid inconveniences and take intelligent decisions. Find the right loan officer and real estate agent that you’ll allow fulfilling The American Dream. We are here to help you get the required counseling that is needed. Please contact us so we can get you started on your path of owning a home. Our contact number is 702-858-8070 or email at homesinvegasnow@gmail.com

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10 Responses to “What Are The “Don’ts” on a Mortgage Loan?”

  1. April 29, 2014 at 2:10 am, Junior said:

    CAN ANYONE APPLY FOR DOWN PAYMENT ASSISTANCE IN LAS VEGAS?

    Reply

    • April 29, 2014 at 2:11 am, veronicasuarez said:

      There are different requirements for each type of down payment assistance program. The most common are: Being a first time buyer, being a legal Nevada resident, having a stable job and source of income for the last two years, among others.

      Reply

  2. April 29, 2014 at 2:10 am, Eli said:

    What happens if the property is vandalized before the closing?

    Reply

    • April 29, 2014 at 2:12 am, veronicasuarez said:

      Depending on the type of transaction, your real estate agent will be able to negotiate repairs or not. If you are using financing you can back out of the deal and the earnest money deposit will be reimbursed to you.

      Reply

  3. May 01, 2014 at 12:53 am, Elvira said:

    Is there a type of financing with no down payment?

    Reply

    • May 01, 2014 at 12:55 am, veronicasuarez said:

      No. The smallest down payment is only 0.5% and this is the NHF FIRST DOWN loan program. This works in conjunction with a FHA loan. There’s no need to be first time buyer and you can buy a house in any area of Las Vegas, Henderson, and North Las Vegas.

      Reply

  4. May 01, 2014 at 12:54 am, Mr. Thomas said:

    How large of a down payment do I need to buy a house?

    Reply

    • May 01, 2014 at 12:55 am, veronicasuarez said:

      This is going to depend on the type of loan you qualify for. The down payment varies from 0.5%, 3.5%, 5%, 10% and up.

      Reply

  5. May 01, 2014 at 12:54 am, Ignacio said:

    What is included in a monthly mortgage payment?

    Reply

    • May 01, 2014 at 12:55 am, veronicasuarez said:

      It includes the principal, interest, property taxes, home insurance; and mortage insurance (depending on the type of loan). Conventional financing with over 20% of down payment doesn’t require mortgage insurance.

      Reply

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