Applying for a Loan

Applying for a home mortgage is an exciting and intimidating time! During this time, it is crucial you avoid

certain mistakes that will impede your ability to qualify for a loan.

Purchasing a home requires patience, money, paperwork and of course, understanding. If you want to invest in real

estate it is important to educate yourself properly and know exactly what to avoid.

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Common FibsTwo of the most common lies are on mortgage applications are: 1. Fudging how much income you make to help you qualify for a larger loan2. Not telling the entire truth about the origin of their down payment.

• All bank statements, tax returns and W-2s are collected when you apply for a mortgage. Lying could result in substantial fines and potentially time in prison.

• For your down payment, if you borrow money from family or friends, this is considered a debt to that individual and must be noted.

Careful with Credit

Do:• Know your credit score & how to

improve! • Make payments on time and in

full when possible. Eliminating debt will increase your credit score.

Don’t: • Apply for new credit before or

during the mortgage application process

• Make large purchases on your credit card

According to U.S. News & World Report, a bad credit score can impact the interest rate you wind up paying over the entire life of the loan.

Do your research

Your home is your biggest investment. It’s important to work with the right mortgage company to protect that

investment.

You need an experienced, reputable company and an agent who gives you facts, not opinions.

You need to find the right loan with a great rate, and you

need to get it closed — quickly. This is what New American Funding can offer you!

Contact Your Loan Officer Today to Learn More About Applying

for a Home Loan!

http://www.NewAmericanFunding.com