If you are in the market to purchase a home in Ohio, here is a few things to keep in mind before looking for a home, and during the loan process:
DO
Contact a Loan Officer – they can help you navigate the mine field of mortgages better than any article you will find on the internet.
Keep your paystubs – Generally lenders will want to see at least your last 30 days worth of paystubs.
Keep your bank statements – Lenders will want to review your last 2 months bank statements. Depending on what bank you use, online print outs may not contain all the information that your lender wants to see.
Document any deposits – lenders will want documentation on any deposits that aren’t direct deposit.
Pay all your bills on time – even one 30 day late can derail your loan.
Pay down your credit card balances – one of the easiest ways to increase your credit score is to pay down credit card balances to less than 30% of the limit.
DON’T
Make any large purchases – lenders will re-pull your credit shortly before closing, and any new debts will require additional documentation and will be calculated into your debt to income ratio.
Change jobs – sirens and red flags will go off with your lender. If there is a job change in your near future, discuss it with your loan officer.
Apply for new credit – applying for new credit (cell phone, auto loan, credit cards, etc.) can lower your credit score. Close credit card accounts – this could have a negative impact on your credit score.
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