A house is one of your most
significant assets. Although finding the home of your dreams may be easy, buying
that home is often not. Securing a Levittown PA Mortgage involves many factors.
There are certain factors you must
consider before applying for a mortgage. Your income and credit history are
highly important to the loan process.
Before you register your mortgage
application, consult with a professional. Financing the home you want may require
a deep understanding of the mortgage system. At Latitude Financial, we can help
you gather the information you need. Our experts can even guide you from
beginning to end.
Things You Should Do Before Applying For Mortgage
Have All The Documents In Place – When you apply for a mortgage, most lenders ask for specific documents. This set of documents almost always includes your recent tax filings (usually two years), bank account statements, etc.
If you have had large deposits or withdrawals recently, you will need to have documents to explain them.
Learn About Your Market – In many cases, the type of loan(s) you need is related to your home market and the home itself. For example, in Florida, many lenders have stricter standards because numerous condominium projects have gone bankrupt.
These rules vary from state to state. It is best to seek help from a real estate professional to understand the local lending standards. Certain types of properties may carry significant risks. As a Mortgage Broker Southampton PA trusts, we understand these different criteria. With our expertise, you can head in the right direction.
Things You Should NOT DO Before Applying For Mortgage
Don't Make Large Purchases On Your Credit Card – If you want to apply for a mortgage, avoid large credit card purchases. We understand that you may want to furnish your new home with new furniture. We understand you may want a new car. However, we caution against these purchases.
There is a simple reasons for this. Big credit card purchases raise your debt-to-income (DTI) ratio. This can lower your credit score and reduce your likelihood of getting a loan. However, you can certainly use your credit card as usual. Small purchases are fine, as long as you pay them off on time. You must show that your DTI ratio is stable and that you do not overspend.
Don't Close Credit Accounts, Even If You Don't Need Them – When planning to apply for a mortgage, it is best not to close any of your credit accounts. When you close a credit account, it sets off a chain reaction. This reduces your available credit and raises your debt to income (DTI) ratio. This can put your mortgage loan at risk.
While it may seem like a great idea to close inactive credit accounts, it is not a good idea for mortgage loan applications. If you wish to know more about how credit accounts can affect your mortgage plans, our Mortgage Broker Southampton PA experts can help.
At Latitude Financial, we help with all types of loans. If you need a USDA Mortgage Philadelphia loan, we can help. If you need FHA loans or VA loans, we can help. We are always willing to assist our clients, whether they are new home buyers, investors, or property owners for various real estate projects.
If you need help or wish to know more about our services and offers, get in touch at 215-600-1810 or write to us at info@latitudemortgage.com.
Have All The Documents In Place – When you apply for a mortgage, most lenders ask for specific documents. This set of documents almost always includes your recent tax filings (usually two years), bank account statements, etc.
If you have had large deposits or withdrawals recently, you will need to have documents to explain them.
Learn About Your Market – In many cases, the type of loan(s) you need is related to your home market and the home itself. For example, in Florida, many lenders have stricter standards because numerous condominium projects have gone bankrupt.
These rules vary from state to state. It is best to seek help from a real estate professional to understand the local lending standards. Certain types of properties may carry significant risks. As a Mortgage Broker Southampton PA trusts, we understand these different criteria. With our expertise, you can head in the right direction.
Things You Should NOT DO Before Applying For Mortgage
Don't Make Large Purchases On Your Credit Card – If you want to apply for a mortgage, avoid large credit card purchases. We understand that you may want to furnish your new home with new furniture. We understand you may want a new car. However, we caution against these purchases.
There is a simple reasons for this. Big credit card purchases raise your debt-to-income (DTI) ratio. This can lower your credit score and reduce your likelihood of getting a loan. However, you can certainly use your credit card as usual. Small purchases are fine, as long as you pay them off on time. You must show that your DTI ratio is stable and that you do not overspend.
Don't Close Credit Accounts, Even If You Don't Need Them – When planning to apply for a mortgage, it is best not to close any of your credit accounts. When you close a credit account, it sets off a chain reaction. This reduces your available credit and raises your debt to income (DTI) ratio. This can put your mortgage loan at risk.
While it may seem like a great idea to close inactive credit accounts, it is not a good idea for mortgage loan applications. If you wish to know more about how credit accounts can affect your mortgage plans, our Mortgage Broker Southampton PA experts can help.
At Latitude Financial, we help with all types of loans. If you need a USDA Mortgage Philadelphia loan, we can help. If you need FHA loans or VA loans, we can help. We are always willing to assist our clients, whether they are new home buyers, investors, or property owners for various real estate projects.
If you need help or wish to know more about our services and offers, get in touch at 215-600-1810 or write to us at info@latitudemortgage.com.
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