Top 3 Questions to Ask Yourself Before Applying for a Mortgage – Stress Free Mortgage

So, you are thinking about buying a home and you wonder if there is anything you should be thinking about or considering before you begin the mortgage process. And the answer is, YES!!!
So, here are the Top 3 questions to ask yourself:
1. How do my tax returns look for the past 2 years?
Did you talk to your accountant/CPA before you filed your most recent return to tell them you are considering getting a mortgage to go over the deductions you have and if you are writing off too much and not showing enough income?
2. Do I have enough assets showing in the bank?
Have you made a lot of large deposits to your account? If so, then you may need to give copies of those large deposits to your lender. Did you deposit cash? Cash is not acceptable for your mortgage loan, so hold onto your cash and don’t deposit it.
3. Have you checked your credit report?
It’s important to make sure that you know what is reporting on your credit….if there was a medical bill that was overlooked or a payment that wasn’t made on time, you should know about it before you start the mortgage process. You can go to Freecreditreports.com and get one free credit report a year. Don’t look at the score, just at the actual payment history to see if there are any issues.
It’s important to do the legwork when you are looking at the biggest financial transaction that you may ever do, buying a house. Being prepared is critical and these steps can help make the loan process stress free. For more information to help you with the mortgage process, please contact Linda at 661- 295-0555 or email at linda@stressfreemortgage.com