Holly Rogers and Kathryn Pedersen of Yampa Valley Bank passed around simple advice for buyers who are in need of a mortgage.
Things to Do
- The #1 thing to do: Meet with a mortgage broker to discuss your specific needs and situation. The earlier the better-even a year to 6 months ahead can be of benefit.
- Check your credit. You can do this at www.annualcreditreport.com for free. If you find errors, get them corrected quickly.
- Save your paperwork: bank statements, mortgage statements, paycheck stubs, tax returns, etc. You may need these items for your loan applications.
What not to Do
- Buy a car or take on additional debt. This may include co-signing a loan for someone.
- Change jobs or methods of your income (ie becoming self employed or changing from an hourly wage to commission based income).
- Become past due on any accounts or make payments late.
- Bounce checks. If they are on a statement that you give to the lender, it could hurt your chances for approval.
Anne Mayberry 970-846-1425