Mortgage do’s & don’ts

Infinity Home Loans - Mortgage Do’s & Don’ts

Dedicated to Helping Dreams Come True for Individuals and Families throughout Palm Desert, CA and the surrounding communities.

The process of applying for a home loan can be intimidating and stressful, especially if you are a first-time homebuyer. Our mission, at Infinity Home Loans, is to provide you with excellent customer service, unparalleled support and true dedication to the fine details throughout your home purchase.

DO: Seek help from professionals.
Many professionals can help you through this process such as loan officers, real estate agents, and home inspectors. You can think of these professionals like coaches; each with unique experience and skillsets. Contact us if you would like referrals to real estate professionals. With over 20 years of experience right here in Palm Desert, we have developed an extensive network of trusted real estate professionals.

DON’T: Apply for new credit cards or loans.
Your credit score is an important factor considered when applying for a mortgage loan. Applying for a credit card affects your income-to-debt ratios and could have an effect on the approval of your loan. This includes co-signing for a loan or for credit for another individual.

DO: Get preapproved.
There are many benefits to securing a preapproval letter from your lender. The primary benefit is that you won’t fall in love with a house that is beyond your means. The letter also helps you during the price negotiation phase and, not only provides you with a guideline, but strengthens your offer since a lender has already verified your income.

DON’T: Acquire any NSF (non-sufficient funds/overdraft) fees from your bank.

Mortgage lenders view these occurrences as an inability, on the part of the prospective borrower, to manage money. Make certain that you always have enough funds in your account to cover pending transactions.

DO: Be prepared with all your required documentation.
There are many steps, verifications, and reviews completed during the home loan process. Some of the documents you may be asked for during a preapproval or loan application process are:

  • Copy of official identification – Driver License, State ID, Passport
  • 2 months of current statements for all accounts; checking, savings, retirement.
  • 2 years of W2s
  • 30-60 days of recent paystubs
  • Year-to-date profit and loss statement for self-employed borrowers

DON’T: Change jobs or quit your current job.
Stability is vital throughout the home loan process. Verifications are made at various stages of the process and a significant change in your employment or financial picture could delay or even cancel the transaction. Clear communication with your lender is extremely important.

DO: Keep detailed records of funds moving in and out of your accounts.
It is not uncommon homebuyers to receive gifts from family to help with the expenses of buying a new home. It is critical that any sources of funds used to purchase the home be disclosed to your lender. In some cases, additional verifications and approvals will be required.

DON’T: Close any revolving credit accounts without talking to your lender.
Even if the account has a zero balance, closing the account affects your debt-to-income ratio; an important evaluation factor in the mortgage approval process.

Home is where families gather. Memories are crafted. Moments are treasured. And it just might be one of the most substantial purchases you’ll ever make.

Infinity Home Mortgage promises to help find the finance solutions that are best for you. Whether you’re just starting out, tired of renting or finally ready for your dream home.

With free pre-qualifications, you can search for your home knowing all of your options, and our participation in a wide range of special loan programs and in-house mortgage expertise mean your home loan is custom tailored to your individual personal needs.

Contact us today for more information!