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The Do’s and Don’ts When House Hunting

Posted by Ella Baldwin on Oct 17, 2022 9:58:00 AM
Ella Baldwin

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At Standard Mortgage (NMSL#: 44912) our goal is for you to have the smoothest transaction possible. In order for this to happen there are several important things that you need to do, and also important things that you should NOT do. Let’s take a closer look at the do’s and don’ts of house hunting, which all begins with finding the right mortgage lender.

The Do’s of House Hunting

If there is a change to your income, assets, liabilities, credit score, or employment status while you are shopping for a home, it is critical to notify your lender. You should also work with an insurance agent to determine how much your homeowner’s insurance, and potentially flood insurance, will cost. This information will allow your lender to provide a more accurate estimate of your monthly payment. Whenever documents are requested please provide them as quickly as possible. Notify your lender as soon as you have fully executed a purchase contract; this allows your lender to lock in your interest rate. Lastly, the sooner that your lender’s processing department has the needed documents, the faster they can process your mortgage and have the loan ready to close.

The Don’ts of House Hunting

Opening new lines of credit or acquiring new financial liabilities are not always bad during the home buying process, but can have adverse effects on your mortgage loan approval. Opening new lines of credit like credit cards, car loans, student loans, personal loans, HELOCs, etc. without notifying your lender should be avoided. It is also critical to not fall behind on any payments like rent, mortgage, credit card bills, car notes, etc. Making all of your payments in a timely manner is always important, but especially so while securing a new mortgage.

By doing, and not doing these certain things, along with the guidance of an experienced team of lenders, your new home purchase will move along smoothly. The expert staff at Standard Mortgage (NMLS#: 44912) has been helping home buyers and homeowners with their mortgage needs for over 90 years.

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Topics: Mortgages