It's important that you avoid these mortgage mistakes once you get pre-approved for your Kentucky Mortgage Loan!
Once you've found your home, talked to a lender and signed a contract, don't do anything to jeopardize your approval before the closing date!
Here are some do's and don'ts to keep your Kentucky Home loan on track.
Do keep cash in the bank so that your financial picture looks as strong as possible.
Do establish good credit by making payments on time and making sure you don't overdraw your account!
Don't move large sums of money around without documentation. This can raise unnecessary red flags.
Don't open or close credit cards. This could potentially hurt your FICO score.
Don't make any major purchases - especially on credit cards.
Don't change your job. If possible, stay in your current job until all approvals are final.
Something to keep in mind. Your credit report is usually good for 120 days on government agency loans through AUS findings for FHA, VA, USDA and Fannie Mae Conventional loans in Kentucky.
Some lenders will not honor that, and create an overlay to say your credit report is only good for 60 days, and they will repull your credit, so it does vary from lender to lender on loan pre-approvals.
Keep your loan officer on any changes in income, assets that may hurt your loan pre-approval because sometimes depending on your loan pre-approval it could jeopardize your loan pre-approval
They will want updated pay-stubs, banks statements once your loan is pre-approved, so try to keep working 40+ hours a week, keep all bank statements in good standing with no nsf fees or overdraft charges and keep everything as status quo as you can.
Lastly, make sure if a debt that is not listed on the credit report you tell your loan officer so they can plug this into your debt to income ratio.
Most of the time the loan officer will go over your last 120 days inquires on the credit report to see if any debts are missing on the application or credit report.
Joel Lobb (NMLS#57916)
Senior Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
Text/call 502-905-3708
kentuckyloan@gmail.com
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/
-- Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.
