Ever wonder what goes into the rate the bank will give you on your mortgage? It’s a whole lot more than your credit score, though that is an important attribute. Want to understand the whole story? There’s a lot going on in the background and that has to do with more than just you. Mortgage…
Renew You The notary who will be assisting you with signing loan documents will require a copy of your valid state issued drivers license or other state or federally issued photo identification. Make sure it is not expired. Otherwise, get it updated now. Not sure if your identification can be used? In order for a California notary…
Understand Before You Commit It is very important you understand what you are signing before you meet with the notary at the closing table. You should be provided with a copy of the mortgage note, closing statement, and deed of trust from your loan officer to review before your closing appointment.
Show Me The Money The bank will require a thorough explanation of how your money ended up in your account. Keep a record of all deposits to your bank accounts that are not the result of a direct deposit from payroll, social security, or other income. Transfers to your bank accounts from your other accounts…
No New Credit The first step in securing a new mortgage is to have your credit run by the bank. The bank will re-check your credit the day your loan is set to close. Should any new inquiries or new credit appear, the bank will require an explanation, and it may hold up the closing…