pre approval do's & don'ts slide
DESCRIPTION
Here are the most common Do's & Don'ts when obtaining a Mortgage Pre-Approval.TRANSCRIPT
PRE-A
PPROVA
L
DO’S
& D
ON’T
S
Martene Woodward Mortgage Associate 866.932.8412 [email protected]
Purchase Best Mortgage Rates Renewal Mortgage Pre-Approval Refinance
PRE-A
PPROVA
L
DO’S
Martene Woodward Mortgage Associate 866.932.8412 [email protected]
Purchase Best Mortgage Rates Renewal Mortgage Pre-Approval Refinance
Reducing your debt level is never a bad idea.
DO-PAY DOWN CREDIT BALANCES
Martene Woodward Mortgage Associate 866.932.8412 [email protected]
Purchase Best Mortgage Rates Renewal Mortgage Pre-Approval Refinance
You consult a doctor about your health,
you consult a mechanic about your
car, you should consult a real estate professional about
your home purchase.
DO-USE AN EXPERIENCED REALTOR; OR LAWYER IN THE
EVENT OF A PRIVATE SALE
Martene Woodward Mortgage Associate 866.932.8412 [email protected]
Purchase Best Mortgage Rates Renewal Mortgage Pre-Approval Refinance
DO-PUT
A FIN
ANCING
CONDITIO
N ON T
HE
OFFER
TO P
URCHASE
A pre
-appro
val i
s an
appro
val b
ased
on y
ou th
e
borro
wer
and y
our c
urren
t finan
cial
pro
file. T
he
lender
and in
sura
nce c
ompan
y (if
applic
able
)
still
nee
d to a
pprove
the
proper
ty, s
pecifi
cally
the
valu
e an
d con
dition
of i
t.
Martene Woodward Mortgage Associate 866.932.8412 [email protected]
Purchase Best Mortgage Rates Renewal Mortgage Pre-Approval Refinance
DO-STA
RT SAVIN
G UP
YOUR C
LOSIN
G COSTS
THE L
END
ER W
I LL W
AN
T TO
CO
NF I R
M Y
OU
HAV
E CA
SH
ON
HA
ND
TO
CO
VER
YO
UR
CLO
SIN
G
CO
STS
LI K
E LAW
YER
FE ES
,
PR
OP
ERTY
TA
X A
DJU
STM
ENTS
,
T I TL E I
NSU
RA
NC
E ETC
.
Martene Woodward Mortgage Associate 866.932.8412 [email protected]
Purchase Best Mortgage Rates Renewal Mortgage Pre-Approval Refinance
DO-TALK
TO Y
OUR
MORTG
AGE PROFE
SSIO
NAL
BEFORE
MAKIN
G ANY
CHANGES T
O YOUR
FINANCIA
L PROFI
LE.
WE N
E ED T
O K
NO
W B
E CAU
S E IT M
A Y
CH
ANG
E YO
UR
PR
E - AP P R
OVA L
S TATUS .
Martene Woodward Mortgage Associate 866.932.8412 [email protected]
Purchase Best Mortgage Rates Renewal Mortgage Pre-Approval Refinance
DO-KNOW
YOUR
POTENTI
AL PA
YOUT
PENALT
IES
Ensu
re y
ou a
re a
war
e of
the
cost
s in
volv
ed if
you d
ecid
e to
bre
ak y
our t
erm
ear
ly. T
he m
ost
com
mon
reas
ons
to b
reak
the
term
ear
ly a
re
to m
ove
proper
ties,
or t
o re
finance
to p
ull ou
t
equity
or p
ossi
bly to
lower
the
inte
rest
rate
.
Martene Woodward Mortgage Associate 866.932.8412 [email protected]
Purchase Best Mortgage Rates Renewal Mortgage Pre-Approval Refinance
This will make the mortgage
process go smoother
when you find a property.
DO-START GETTING YOUR SUPPORTING DOCUMENTATION
TOGETHER
Martene Woodward Mortgage Associate 866.932.8412 [email protected]
Purchase Best Mortgage Rates Renewal Mortgage Pre-Approval Refinance
PRE-A
PPROVA
L
DON’T
S
Martene Woodward Mortgage Associate 866.932.8412 [email protected]
Purchase Best Mortgage Rates Renewal Mortgage Pre-Approval Refinance
Your pre-approval is based on your employer and position at the time of the application. If you change those details, your pre-approval states may change.
DON’T-SWITCH EMPLOYERS OR POSITIONS
Martene Woodward Mortgage Associate 866.932.8412 [email protected]
Purchase Best Mortgage Rates Renewal Mortgage Pre-Approval Refinance
Your pre-approval is based on your debt balances
at the time of the application. If you
increase any of your balances or incur new credit, this could lower
your Maximum Purchase Price. This
includes “don’t pay for a year” scenarios.
DON’T-INCUR NEW DEBTS
Martene Woodward Mortgage Associate 866.932.8412 [email protected]
Purchase Best Mortgage Rates Renewal Mortgage Pre-Approval Refinance
DON’T-B
UY A C
AR
You c
an’t
live
in y
our t
runk,
so
don’t
buy a
new c
ar u
ntil y
ou h
ave
posse
ssio
n
of y
our n
ew h
ome.
The
car p
aym
ent w
ill
reduce
you
r max
imum
bor
row
ing p
ower
.
Martene Woodward Mortgage Associate 866.932.8412 [email protected]
Purchase Best Mortgage Rates Renewal Mortgage Pre-Approval Refinance
DON’T- T
RUST A S
ELLE
R’S
OPINIO
N
ON THE C
ONDITIO
N OF
THE
PROPE
RTY
OR ANY
RECENT
RENOVATI
ONS DONE
ALW
AYS C
ON
F IRM
TH
E DETA
I LS
THE S
E L LER H
AS T
OLD
YO
U B
Y
OB
TAIN
ING
A P
RO
FESSIO
NA
L
I NSP
ECT IO
N.
Martene Woodward Mortgage Associate 866.932.8412 [email protected]
Purchase Best Mortgage Rates Renewal Mortgage Pre-Approval Refinance
DON’T-O
VERLO
OK A
PROPERTY
BEC
AUSE IT
NEEDS A
LIT
TLE
TLC
S OM
E LE N
DE R
S OF F E
R A
ND
IN
NO
VAT I VE
P RO
DU
CT C
AL L E D
A
P UR
CH
AS E +
I MP R
OV
E ME N
T S M
OR
T GA
GE .
T HI S
AL L O
WS Y
OU
TO
IN
CL U
DE T
HE C
OS T
OF T
HE I
MP R
OV
E ME N
T S IN
YO
UR
TO
TAL
MO
RT G
AG
E AM
OU
NT.
Martene Woodward Mortgage Associate 866.932.8412 [email protected]
Purchase Best Mortgage Rates Renewal Mortgage Pre-Approval Refinance
DON’T-M
AKE ANY L
ARGE
DEPOSIT
S INTO
YOUR B
ANK
ACCOUNT W
ITHOUT
FIRST
CONSULTIN
G YOUR
MORTG
AGE PROFE
SSIO
NAL
FIRST
The
lender
will
wan
t to
confirm
any
larg
e dep
osits
into
you
r acc
ount t
hat h
old th
e dow
n-pay
men
t
funds.
This
is to
sat
isfy
the
Anti-M
oney L
aunder
ing
Law.
Martene Woodward Mortgage Associate 866.932.8412 [email protected]
Purchase Best Mortgage Rates Renewal Mortgage Pre-Approval Refinance
QUESTIONS
P L E A S E DO
NO
T HE S I T
AT E TO
CO
NTAC
T: Martene Woodward Mortgage Associate
866.932.8412 info@mortgagegirl.
caPurchase Best Mortgage Rates Renewal Mortgage Pre-Approval
Refinance