Prime Mortgage Lending, Inc.
Founded in 2005
When you’re considering buying your first house, a second home or an investment house, follow these simple 16 mortgage tips to avoid delays and problems with your mortgage. While many of these tips seem like common sense, it’s often the little tasks and overlooked steps that create the biggest barriers as you shop for your perfect home and perfect mortgage.
2 – To show a lender that you’re a good risk for paying back your mortgage loan, pay all of your current bills on time. Every time you miss a payment by 30 days or more, it reduces your credit score and sends up a red flag to lenders like Prime Mortgage Lending, Inc. A higher credit score also can lower the interest rate and overall costs you’ll pay.
3 – Of all the 16 mortgage tips – do’s and don’ts, the most obvious is to be disciplined about saving money every month. If you can show that you put money aside at regular intervals, lenders will know you are serious about and capable of handling your finances. Saving also helps you build your down payment, even though not all loans require one.
4 – Having a good relationship with an independent mortgage lender like Zachery Adam and his Team at of Prime Mortgage Lending, Inc. positions you as a serious buyer. Prime Mortgage Lending, Inc. helps you shop your mortgage to accommodate your unique needs and to line up the perfect loan type and terms.
5 – In the months before you apply for a mortgage, do everything you can to maintain a high credit score or raise your score. If you haven’t done it in over a year, request a free credit report from all three bureaus: Equifax, Experian and TransUnion. Look for mistakes or evidence of fraud that lowers your credit score erroneously.
6 – Since mortgage loans offer the lowest interest rates around, it may make sense for you to use some of your down payment toward other debt. If you have the flexibility to lower your down payment, you’ll end up with a larger mortgage amount, but at a lower rate than your other debt, such as credit card debt. Plus, the interest you pay on your mortgage is tax-deductible, so you win twice.
7 – Applying for new credit cards, accruing new debt or doing anything that causes credit inquiries can all lower your credit score. Consider applying for your mortgage before anything happens to lower your credit score. A lender scrutinizes your financial activities in the months before you apply for a mortgage.
8 – Gather all the paperwork documentation you may think you’ll need when applying for a mortgage. Every mortgage application is slightly different, but check the Document Checklist to get a sense of the documents you may need. By doing this early, you’ll ensure that you don’t mistakenly discard something you’ll need.
9 – This might go without saying, but it bears repeating: be honest. Report your income and debts honestly and fully. If you’ve had credit problems in the past, tell your lender up-front; it will come up anyway. It’s better to bring it up and find a workaround.
10 – If you’re getting ready to buy a house, make that your priority. Don’t buy any other big-ticket items in the months before you apply for your mortgage. Any other purchase reduces the amount of cash reserves you have for your down payment. If you have to dip into your credit, it will impact your credit score and add to your monthly expenses.
11 – If at all possible, don’t accept a new job in the months leading up to your mortgage application. Lenders prefer to see a stable employment history and a stable income. It’s better to wait until you close on your new house before you make a big career move.
12 – To avoid becoming “house rich and cash poor,” look for a mortgage amount that fits into your current budget. In other words, just because you may qualify for a larger mortgage doesn’t mean you must take the full amount, especially if it stretches your monthly budget to the breaking point. What good is having a beautiful house if you can’t afford groceries?
13 – Get pre-approved for a mortgage before you start house hunting. Getting pre-qualified, does not guarantee that you’ll get a mortgage for the amount you want. Getting pre-approved, on the other hand, follows the same intense procedure as applying for the loan. Once pre-approved, you can make an offer knowing you have access to the money you need.
14 – Don’t make any changes to your credit card finances. Anything you do in the months before you apply for a mortgage attracts the attention of a lender. Don’t pay off all your credit cards. Don’t cancel any of your credit cards. Don’t open new credit cards. Don’t transfer credit card balances. Just don’t. You might inadvertently lower your credit score, which can hurt your chances of getting the best mortgage terms.
15 – Don’t settle for a standard mortgage. Get the right mortgage for your situation. Consider your spending habits, your saving habits and your lifestyle when deciding between different mortgage products. An independent mortgage lender like Zachery Adam of Prime Mortgage Lending, Inc. listens to your needs and works with you to match the perfect loan and the best rate to fit your circumstances.
16 – Once you make it to the big day of your closing, here’s one more piece of advice to heed: never sign a blank page unless it says: “This page intentionally left blank.” A blank page can be filled in later.
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Although labeled an independent mortgage lender, Prime Mortgage Lending, Inc. is not a one-man operation. Zachery Adam and his Team has the support of a streamlined operation, with professionals who assist in every phase of the loan process. His team includes an appraisal vendor, loan processors, underwriters, closers and even the CEO or president if needed. When you choose to work with Zachery, you get the support of his team as well.
It’s important to Zack that he and his team are approachable and can provide assistance to home buyers who are often inundated with misinformation about the financial picture and mortgage options. In an automated culture reliant on digital communication, it’s time to put the human element back into these conversations. He could never be behind the scenes.
Today, Dan likes working with first time home buyers to help them through the often intimidating process of buying a home. In just the time he’s been with Prime Mortgage Lending, Inc., Dan has been able to work with a number of diverse products including USDA, FHA, and VA loans. This has given him great insight very quickly about the best ways to work with homebuyers.
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If you have further questions about what you need to do to get the best mortgage, call Zachery Adam at 828-348-1907 or send him your question to Zachery@GoPrime.com. When it comes to 16 mortgage tips, Zachery and his Team at Prime Mortgage Lending, Inc. are experts. We love helping people get the best mortgage possible.