Cassandra Torkelson
Real Estate Officer | NMLS# 530661
cassandra.torkelson@border.bank
218-683-3016
 

Are you considering securing a mortgage for a home purchase, refinancing or home improvement project? From the time you first make your loan application, to the time your loan is approved, we recommend the following “Do’s and Don’ts” to ensure a seamless loan process.

Do

• Pay all your bills on time. This especially includes your mortgage if you already have one.
• If you are seeking a mortgage for refinancing, or a home improvement project, let the appraiser into your property ASAP, if applicable. We have found area appraisers to be very busy, so it’s best to put this at the top of your checklist!

Don’t

• Let anyone else pull a credit report on you. This includes applying for any new credit,  including store credit cards or no-interest/no payment furniture contracts. These types of “pulls” can negatively impact your credit rating.
• Make a major credit purchase. This includes trading in vehicles and/or purchasing new without notifying your mortgage lender. A new purchase of this size could negatively impact your debt to income ratio.
• Transfer credit card balances. This is a sign you are maneuvering debt, and it could impact your credit rating.
• Co-sign a loan for anyone. Once you co-sign, the debt shows up on your credit report as your debt and this could negatively impact your credit rating.
• Quit your job.

One more very important “DO”:  Do contact me or any of my fellow mortgage officers at Border Bank, to learn more tips and strategies on how to secure a mortgage as seamlessly and efficiently as possible. Rates continue to be low, so the timing is still ideal.