DO

  • do check your credit report and report any inaccuracies

    Despite some commercials you may see on television, AnnualCreditReport.com is the safest way to get free credit reports from the three reporting bureaus.

  • do check your FICO score

    Whether buying from a home builder/realtor or FSBO, the sooner you begin the loan process with Pacific Sunbelt Mortgage the better position you will be in.

  • do save, save, save

    Down payment requirements vary with different lenders and programs – and in some cases no down payment is required – but with any down payment under 20 percent, you will most likely need to purchase private mortgage insurance (PMI).

    You should also plan on saving to cover points and closing costs, even if you may be able to
    negotiate to have the seller pay them in part or in full.

    Depending on the size of your down payment, in order to satisfy your lender you may also need to
    demonstrate a reserve fund with several months’ worth of payments.

  • do figure out your future monthly expenditures

    When you speak with your mortgage advisor, you’ll discuss the monthly payment you can
    afford, but that’s not the only home-related expense to keep in mind.

    You should expect to spend between 2 and 3 percent of your home’s value on upkeep, repairs
    and maintenance each year.

  • do start the loan process

    Whether buying from a home builder/realtor or FSBO, the sooner you begin the loan process
    with Pacific Sunbelt Mortgage the better position you will be in.

DON'T

  • don’t apply for any new credit until you are in your new home

    Soliciting new credit applications and changing your balance of available credit can both hurt your FICO score.

  • don’t forget about government backed loan programs

    Those in certain income groups, whose only struggle is with a large down payment, may qualify for a FHA loan at less than 5 percent down or VA loan with no down payment required.

  • don’t forget that your mortgage points and interest may be tax-deductible

    But don’t build those deductions into your monthly costs. Check with your CPA for current tax laws and deductions.

  • don’t miss any payments!

    You’ve already put in too much work to hurt your credit rating at the very end of the process.

  • don’t change jobs

    Become self-employed, or quit your job. You should keep your current position and will need to prove two years of employment.

  • don’t make any large purchases

    Such as an automobile, furniture, washer/dryer or any large appliance.

DON'T

  • don’t use charge cards excessively or make late payments

    This could damage your credit score and change the outcome of the loan process.

  • don’t spend money you have set aside for closing

  • don’t omit debts or liabilities from your loan application

  • don’t originate any inquiries on your credit

  • don’t make large or unusual deposits over $500

    Without first checking with your mortgage advisor.

  • don’t change bank accounts

  • don’t co-sign a loan for anyone