It’s natural to want the home buying process to begin and end quickly, however, it’s important to be well-versed in the mortgage process. Our friends at Home Team Mortgage are here to help you every step of the way. Check the Ebby blog often to familiarize yourself on a variety of mortgage topics.
Keep your finances as boring and steady as possible between the time you apply for a mortgage and the time you close on the loan.
That sounds simple in theory, but it’s sometimes difficult in practice, especially for first-time homebuyers. What it means is this: Don’t charge up your credit cards and don’t apply for new credit while the mortgage is going through the underwriting process.
When you apply for the mortgage, the lender looks at your credit report and your credit score. Then, shortly before closing, the lender surveys your credit again. If there’s a substantial change — say you maxed out your credit cards to buy furniture and appliances, or you got a loan to buy a car — the lender might have to delay your mortgage closing. In drastic cases, you could torpedo your mortgage and have to apply all over again.
Considering purchasing a home? Home Team Mortgage Company, Ebby Halliday’s affiliated mortgage company, has a track record of building long-lasting relationships by providing exceptional service with competitive rates. With an office in each Ebby Halliday branch, Home Team Mortgage loan officers offer the convenience of one-stop shopping, coupled with expertise to ensure peace of mind for borrowers and agents alike.
For all your mortgage questions and needs, contact Home Team Mortgage Company.