With the changing times, it is always best to check current mortgage interest rates to see if your existing one still works for you or if it is already time to consider refinancing that mortgage to save you thousands of dollars over the course of your home loan. Contact a Marketplace Home Mortgage Loan Officer to learn more about specific dos and don’ts before you get started on any transaction for your best possible options. The list below will help you avoid any pitfalls and guarantees smoother transition towards refinancing.
Presentation Is Important In Every Transaction
First impressions can make an impact with an appraiser just as they would with a prospective buyer so preparing your home for appraisal is a must as the appraiser will take photos of the interior and exterior of your home. Keeping the home clean and presentable will go a long way towards helping the appraiser build a more accurate and flattering description of the property.
Still Continue to Make Your Regular Payments
If just prior to your scheduled closing you have a payment due, always consult with your Loan Officer first as paying at closing is better than risking having the payment and payoff letter crossing in the mail.
Keep Files, Paystubs, Receipts and Bank Statements Organized and Readily Available
Having the latest documentation on hand will help the process go more smoothly as underwriters may request supporting documents for review before loan approval or as part of your loan commitment. This saves you the trouble of having to look for them and ensures this part of the transaction will proceed as scheduled.
Keeping Up with The Times
Underwriters may now require more documentation than in the past. If your files are up to date and organized it wouldn’t be a problem at all to present them with the requested documents. Always remember that if they didn’t need it, they wouldn’t ask.
AVOID CHANGES IN CREDIT OR SOURCE OF INCOME
If you must open a new account, consult with your Loan Officer first. During this time, changes in credit information due to applying for New Credit can cause delays, change the terms of your financing or even prevent closing. The same applies for changing jobs during this process as career, status changes for example from a salaried to a commissioned position and possible probationary periods are all subject for rigorous review.
ALWAYS MAKE DOCUMENTED DEPOSITS OR TRANSACTIONS
Avoid depositing cash as much as possible. Always remember to make copies of checks and deposit slips and keep your deposits separate and small. Both large and even small deposits must be sourced unless they are identified.
SCHEDULE ANY MAJOR HOME IMPROVEMENT PROJECTS AFTER THE APPRAISAL
Large home improvement projects that require a building permit, create structural changes or involve a bathroom or kitchen renovation should be delayed before your appraisal as anything that can disrupt the functionality of your home can be an issue if undertaken before the home is appraised. Small cosmetic projects like painting are not usually a problem.
ASK QUESTIONS FOR CLARIFICATION / VERIFICATION
If you feel that you need more guidance on what you need to do or how to do it, never hesitate to reach out to your Loan Officer. As With the help of your Marketplace Home Mortgage Loan Officer, you will be on your way to saving money and achieving your goals stress-free.