It seems that lender's underwriting criteria is changing on a daily basis; lenders who have always been able to provide you loans in the past may not be able to help you today. Call Richard at 805-404-1167 or send an email to richard@powellfinehomes.com and we will help guide you through the process.

Below, you will find some helpful hints when considering purchasing or refinancing a home.

7 Things to remember when applying for a loan:

The following are some helpful hints to remember when applying for a loan and during the loan process itself. Any one of these items can greatly impact your ability to qualify for a mortgage loan, so it is critical to keep the following things in mind until closing on your loan:

1.   KEEP COPIES OF EVERYTHING. You will be required to sumbit many important documents with your loan application. Please keep a copy of all documents submitted with the loan application for your records. (Make sure you include the return address on all mail correspondence).

2.   SAVE ALL BANK STATEMENTS:  Keep copies of all the pages of bank statements received from the time your loan application is submitted and until your loan closes.  Make sure you have the copies in your immediate possession as these statements may be needed thoughout the loan process.

3.   HOLD IT RIGHT THERE!!! (KEEP YOUR MONEY WHERE IT IS):  It is best to leave your money right where it is until your loan is closed. Moving your money to a new bank or even into a new account can impact the loan verification process.

4.   TIMELY PAYMENTS ARE A GOOD HABIT TO HAVE:  Make your mortgage payment on time. Your loan officer will advise you it is is necessary to pay off bills to help you qualify for your loan. If paying off your bills is necessary, we suggest that you contact the loan officer handling your application for the best way to handle payment.

5.   IT WILL BE THERE TOMORROW!!!  (AVOID MAKING LARGE PURCHASES):  Many borrowers make the mistake of buying a new car, furniture or other major purchases without realizing the impact it can have on their ability to buy a home.  A large monthly payment can affect the loan amount for which you qualify and during the loan process itself, can make it extremely difficult to get your loan approved or affect your existing loan approval.

6.   DON'T OPEN/INCREASE ANY LIABILITIES:  Opening a new credit card or increasing your debt can have a negative impact on your loan process.

7.   AVOID CHANGING JOBS: Changing jobs before or during the loan process can create a real problem in qualifying you for a loan, particularly if that job is in a different line of work or at a lower rate of pay. During the loan process, it can also create time delays, as the new job will need to be verified.

Richard can be reached at 805-404-1167 or via email at richard@powellfinehomes.com

Kirsten can be reached at 818-268-3236 or via email at kirsten@powellfinehomes.com