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Mistakes You Should Avoid in Initial Mortgage Process

Mortgage

Mistakes You Should Never Commit When Qualifying for a Mortgage

Qualifying for a house mortgage can be a tricky thing to accomplish; especially that it involves tedious legal processes. This is all about money, after all, thus every single move must show on proper documents to avoid losing your chance on a mortgage. Having a mortgage is an important part of buying a house, making it important for you to qualify.

 

What to Avoid in Qualifying for a Mortgage?

One of the most important things you should remember is to keep all your transactions as clear as daylight in qualifying for the transaction. This includes the transaction on transferring your cash from your bank account to an escrow account.

For starters, you should not forget to produce a bank output in prints that you can show to the mortgage company. These print copies must show your initial cash from the bank account, its amount after the transaction, and the subtracted amount reaching the escrow. This can help in ensuring that you are using your own money in paying the mortgage, and the cash is legal for such transactions.

The bank printouts should also contain the proper dates, and your own name should be on it. It will not be accepted if it has a name of another person instead of yours. It should have official timestamps, and the timestamps should show the amount left in your bank account. Moreover, the amount left in your account should be consistent with the initial amount before the transaction and the subtracted amount that reach the escrow.

You should also remember not to use some other documents aside from the official bank outputs. Do not use bank statement in trusts, and documents with other person’s name on them. Additionally, pictures of outputs taken by your cameras or smartphones should also be avoided at all cost.

Although sounds simple at first glance, such mistakes are often occurring in mortgage applications. As a result, many people are disqualified because of such simple-looking mistakes. Such necessary documents are there to verify your legality to apply for a mortgage. Thus, these are important for you to show your transparency upon your application.

If you still have more questions regarding the mortgage application process, consult your realtor or an expert real estate lawyer to help you. Moreover, you should keep your credit in check, to avoid having bad records that can affect the mortgage process.

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