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Buying a home can be emotional and exciting time for first time homebuyers. However, enthusiasm can sometimes lead to making mistakes that delay the home loan approval process, which is a much less exciting feeling. The period of time leading up to qualifying for a loan is crucial, so here are 5 tips to help you avoid some common mortgage pitfalls:

1. Don’t Fudge Numbers or Documents

Mortgage fraud is a serious offense, and certainly not worth the risk since it can carry some serious penalties, ranging from hefty fines to prison time. If the amount is below $100,000, it’s considered a third-degree felony, while anything over $100,000 is a second-degree felony.

2. Don’t Sign Documents Where Details Are Blank

Make sure you understand what you are signing and protect yourself from fraud. Contact your lender directly if anything seems suspicious or you don’t feel comfortable with the conditions.

3. Don’t Hide Important Financial Information

Don’t even bother trying to hide any bad credit or debt you might have—it’ll all come out in the wash, and will definitely delay your mortgage process.

4. Don’t Take On More Than You Can Afford

Make sure you are comfortable with the mortgage you decide to take on. If it seems like it might be too much to handle, ask your lender if there are other financing options.

5. Don’t Leave Your Job / Change Jobs

Having a history of stability is important to obtaining a loan, and changing your job status last minute can bring the entire mortgage process to a grinding halt.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: What is a Bankruptcy Petition?

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