The Do’s of Getting A Mortgage

by Jennifer Paulke

Sometimes buyers don’t realize that all the details of the mortgage process matter. Timing is of the essence, and what seems insignificant can make a difference in getting your loan approved.

Do choose a Realtor and a Mortgage Lender carefully.
Do listen to the advice of your Realtor and your Mortgage Lender.
Do get preapproved for a mortgage and send the preapproval letter to your Realtor before viewing properties.
Do use a local mortgage broker.
Do take your mortgage lender seriously when they advise you not to make large purchases, move funds between your investments and personal accounts, or apply for additional credit during the mortgage approval process.
Do get documents to your lender as soon as possible when the lender requests them.
Do sign e-signature requests as soon as possible.
Do pay attention to the loan approval deadline in your purchase contract.
Do immediately contact your lender if anything about your creditworthiness changes (i.e., job loss, etc).
Do expect the lender to request documentation of other properties you own (i.e. insurance coverage, etc).
Do plan ahead to make extra payments toward the principal or pay your mortgage payment bi-weekly to reduce the amount of interest and the number of years you will owe on your mortgage.