When borrowing mortgage loan from a reliable lender in your region, you would be required to avoid the below mentioned common mistakes.
- Lack of shopping for lower interest rates
- Not being pre-approved for mortgage
- Opening of new credit card prior to applying
- Failure to check credit score beforehand
- Failing to make mortgage payments on time
- Lack to season your assets in your bank account
- Not saving adequately for down payment
- Changing jobs frequently before applying for mortgage loan
- Applying with inadequate employment history
- Refinancing your home after listing
The aforementioned would be some of the mortgage mistakes several potential borrowers tend to make. However, you should avoid these mistakes in event of planning to finance new property or home purchase with Sun West Mortgage.
- Filing for bankruptcy
You should avoid bankruptcy or being foreclosed upon. It would not need any explanation, as the mortgage lender would straight away decline your mortgage loan application. You could either be out for several years from availing mortgage for apparent reasons. You should also look forward to avoiding late payments on mortgage loans. Despite your credit score being adequate to meet minimum guidelines, you should be rest assured that late payments would show up on your credit report. It would increase the chances of disqualifying your mortgage application with other available mortgage lenders and banks.
- Having poor accounting on your credit report
When applying for sun west mortgage with charge offs along with collections, they would hamper your credit score. You would be required to review regularly for your credit report to make sure there would be no surprises on the way prior to you applying for mortgage loan.
In other words, you would be required to keep your credit score at higher level lest it would lead to relatively higher mortgage rates. It could also lead to disqualification in event of it driving your monthly mortgage payment at a higher level. In addition, you would also be required to stay away from credit counseling. It would be pertinent to mention here that credit counseling might not lower the credit score, it would abstain several banks from lending mortgage loan to potential borrower having used these services in the recent times.