Do's & Don'ts
Make sure nothing gets in the way of achieving your home financing goals. Some "Don'ts" may seem obvious, but others not so much. Check out this list to make sure you avoid the basic mistakes during the process of buying your home.
DOcreate a file and keep copies of all your important financial documents as you receive them — check stubs, W-2s, tax returns, bank and investment account statements, rental agreements, etc.
DOhave them ready in case iCovest Capital Group needs updated documentation for your file.
DOwait to buy a new car, boat, or appliance until after your loan has funded.
DOlook for a homeowner’s insurance policy for your new home.
DOconsult with the insurer of your current home, your auto insurance agent, and others to get quotes.
DOgive the agent’s name and phone number to your escrow officer.
DOhave any donors give you money as soon as possible, if part of your down payment is a gift.
DObe sure you understand the necessary steps and documentation for gifts; and don’t forget to follow all of them.
DOexpect to receive calls and correspondence from at least four different companies during the course of your escrow:
a. iCovest Capital Group
b. iCovest Wemlo Assistant
c. Your escrow and title company
d. Credit reporting company
Each of them has a different role to play in making sure your beautiful new home is ready for you to move into on time and on the terms you expect.
DON’Tkeep cash in a safe or in an overseas account if you plan to use these funds for your down payment. Do talk with us about how and when to get the money into your U.S. bank account.
DON’Tchange jobs. If you have to change jobs, consult ahead of time with iCovest Capital Group. Your loan cannot fund unless you are on the job we have verified for you.
DON’Tmake large deposits to your bank account unless you have to. Do save the documentation which shows where the money came from.
DON’Tapply for new credit or give your personal information to anyone else who might run your credit report. Credit inquiries may hurt your score, and will have to be explained to the underwriter.
DON’Tmake new purchases with your existing credit cards. The underwriter may require a back-up credit report in a long escrow; and you could lose your approval. If you must make a major purchase, do call us so we can go over the impact on your ratios.
Before you start looking for your first home,
we can help you with a mortgage pre-approval!
iCovest Capital Group can help you get pre-approved and on your way to home ownership fast! With our advanced Mobile and/or PC Borrower Portal, simply click "Get Pre-Approved Today!" register and complete our mortgage pre-approval form securely on our website. With an immediate "PRE-APPROVED" letter in hand, you know that you have a really bright future to be approved for a mortgage before you even look at your first potential new home.
Some realtors require buyers to get pre-approved even before starting to house hunt, and now you can show total credibility with sellers with an iCovest Capital Pre-Approval in hand! A simple mortgage pre-approval letter can also help you to narrow your search in order to find exactly the home you've been dreaming about. It also makes the mortgage process that much smoother.
Determine how your credit looks.
So you that you are prepared, know that lenders will look at your payment history, income, and current debts to determine how likely you are to make your loan payments each month. The number value assigned to your “loan worthiness” is known as your credit score, and is one of several factors in getting approved for a mortgage.
There are many websites that allow you to quickly check your credit & credit score for free.
Two of our favorites are www.freecreditreport.com and www.creditkarma.com.
If you have a credit score below 640, consider delving deeper into your report to make sure it is accurate. Stay current with all monthly payments and reduce debt where possible to boost your score. If your credit score is lower than lenders prefer it to be, it's not over for you!
Talk to an expert at iCovest Capital about your financial history, goals, and the path to buy a home, they can help you in more ways than just quoting you a rate for the day. Our loan specialists can set you on the path to improve your credit, consolidate debts, remove obstructions and/or negotiate with the lender and much more to help achieve your goals!