Step by Step Mortgage Guide

Important Steps to Assure Accuracy

MortgageloansNJ.com

 

Some mortgage brokers will tell you that you going to get a certain rate and then after underwriting come at you with a number higher than expected. To insure this does not happen get into as much detail about your credit, job, taxes as possible.

The following are factors that could affect your rates:

• Being at a job or being in an industry for only a few months
• Being Self Employed
• Not sharing tax returns
• Living in a flood zone that was designated after you applied for your loan

Misrepresenting any of the following information could affect your rates. Lenders are thorough and check EVERYTHING.

• Your Income
• Your Credit History (This is checked twice and something is rarely missed)

You should disclose all of your credit history, so you don't have to worry about numbers changing before closing. Its important to disclose this information to save your self from surprises when closing is approaching.

Assure Accuracy with your Mortgage Broker

Make sure to ask your broker about discrepancies in the good faith estimate they provided and the rate you are receiving. (If it is higher or lower) Realize that no home is worth spending more than its worth, inflated rates make a major difference.

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