Idaho Mortgage Loan Tips

Idaho Mortgage Tip #1:  Check your credit report prior to applying for a mortgage.

Idaho Mortgage Tip #2:  Have your income and asset documentation gathered.  You will want the last 2 years W2s, the last 30 days pay stubs, the last 2 months bank statements.  If you’re self employed or comissioned income, you will also need the last 2 years tax returns.

Idaho Mortgage Tip #3:  Be ready to provide any additional documentation required.  Underwriting a loan is much tougher than in the past.  Explanations for anything out of the ordinary, such as non payroll deposits, credit inquiries, and employment gaps are required.

Idaho Mortgage Tip #4:  Be flexible.  Appraisals can cause delays if issues are found.  Even something as simple as peeling paint can delay a closing.  You can be the perfect home buyer, but if the property has issues, it will have to be addressed.

Idaho Mortgage Tip #5:  Don’t sabotage your mortgage by: changing jobs, buying items on credit, opening new credit accounts, and moving credit balances around.  Your credit and employment will be re-verified right before closing, and any changes will delay or jeopardize your funding.

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