Written by Ryan Ashby and Emily Rowley
You are buying a new home! Congratulations on that great decision. You have probably heard of common mortgage tips like; don’t take on new debt, don’t change jobs during the loan process, be careful with your credit, and things like that. We want to give you few less common financial tips that can help you through the mortgage loan process to make your experience as seamless as possible without surprises.
As part of your loan process, the loan officer will need to review bank statements. Your bank statement needs to be an official bank copy, including the bank’s name, your name, and full account number and at least a 30-day account history. But there is more they need to look for:
Down payments determine your options. Now is the time to save for a down payment. The amount you put down will determine several factors:
One topic that rarely gets enough attention what a buyer should expect to pay for closing costs. Many people have heard of them, but know what that means exactly. Closing costs typically consist of lender fees, appraisal costs, title charges, taxes, insurance and interest. Remember, we don’t want you to have surprises.
Be upfront with your loan officer about any financial information they may not see at the beginning. Odds are, they will find it during the loan process and this could negatively affect your loan qualification. Here are some examples:
These financial items are things to consider and plan for as part of the mortgage loan process. It will help give you an idea of things to save money for like down payments and closing costs, to help avoid surprises. Thinking about what to do with large deposits and being upfront with expenses will also help you to have a smooth loan, so you can close on your dream house.
If you’re a first time home buyer in Salt Lake County or Utah County contact us today!
SCHEDULE A VISIT