The Real Estate Browser Volume 10, Issue 1 | Page 10

10 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 10 Number 1
www.LynchburgRealEstateBrowser.com
Start Your Home Buying Journey Here!
By Sherry Brady, Branch Manager, Summit Mortgage Corporation
Buying a home is a huge invest-
ment; in fact, it’s the single larg-
est purchase that most of us will
ever make. It’s so important to
start early, because the more you do in advance, the
smoother your experience will be! Here are a few do’s
and don’ts as you prepare to buy a home: home buying until the day after you close on your
new home, please do not apply for any new credit
cards, loans, or other purchases. Taking on any new,
additional debt during this process could jeopardize
your approval. If something pops up and you really
must make a purchase, run it by your loan officer first
to be sure it won’t jeopardize your loan.
1. Make sure you are credit ready. If you’ve never
had any loans or credit cards, you will have to show
at least 12 months history of some “alternative” credit
sources such as utility bills, cell phone bills, auto or
renter’s insurance, or a pattern of regular savings. 6. Don’t deposit any cash or unsourced funds into
your bank accounts. There are some loan types
(mostly the ones that require no money down) that
may require you to explain the source of every single
deposit into your bank accounts….no matter how
large or small. If you must make a non-payroll
deposit into your account, talk to your loan officer
before doing it to determine what kind of documen-
tation to get for it.
2. If you pay rent, try to always pay your by auto-
draft, check or money order and keep copies of the
receipts or canceled checks. If you must pay with
cash, then withdraw exactly the amount needed to
pay your rent consistently each month so we can
see regular withdrawals and be sure to get a written
receipt from the landlord.
3. Start organizing your paperwork. Be able to
provide the following if needed: at least 30 days
recent paystubs, the last two months bank statements
(all pages), most recent 401K statement, last two or
three years W-2’s or 1099’s, and last two or three years
tax returns.
4. Make a lender connection! Get pre-approved
before you start looking at homes, so you know what
your options are. Working with a qualified lender is
so important. You should feel comfortable and con-
fident talking to your lender, and trust that they have
your best interest at heart.
5. Don’t apply for any new credit or make any new
major purchases unless directed by your loan officer
to do so. From the time you begin the process of
7. Don’t quit your job. The income you earn at
the time of your application is used to qualify you for
your loan. Changing jobs can usually be dealt with,
but if it’s very close to your closing date, it could delay
things. If you lose your job completely, or change to
job with a lower income, you may no longer qualify
for your loan at all. Talk to loan officer if you plan to
change jobs to be sure it won’t impact negatively.
If you’re ready to buy a home, and want expert
guidance through the process, call Summit Mortgage
for a free consultation with a qualified lender today!
Your Summit Experience starts here!
By Sherry Brady, NMLS 217258, Branch Manager,
www.LynchburgLender.com, 434-237-1027
Summit Mortgage Corporation, NMLS ID #1041,
(www.nmlsconsumeraccess.org), Equal Housing
Opportunity.
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