Even though now is a fantastic time to purchase the home of your dreams, getting preapproved for a loan can be a nightmare if you don’t have the right information. Many would-be buyers disqualify themselves before they even begin by making devastating mistakes in the months before the approval process. Avoid these 10 common missteps to keep the same thing from happening to you.
1. Failing to Submit Important Documents
Your lender doesn’t ask for items like paycheck stubs, bank statements and copies of your credit report just to make your life difficult. All that paperwork is a critical part of the home loan approval process, and each missing item means you’ll ultimately have to wait even longer to get the keys to your dream home.
2. Failing to Correct Errors on Your Credit Report
Getting approved for a home loan is difficult enough when your credit report is accurate. The last thing you need is a slew of phantom defaults and judgments that you aren’t even responsible for paying. However, it can take up to 90 days to correct errors to your credit report, so you’ll want to dispute and remove any discrepancies several months before you begin the loan application process just to be sure you don’t hit any snags.
You can order a copy of your credit report from any one of the three credit bureaus (Experian, Transunion and Equifax) or get a free copy by going to www.annualcreditreport.com.
3. Maintaining High Account Balances
Keeping your credit in tip-top shape is a delicate balancing act. Carrying too much or too little debt can have equally negative affects on your credit score. In general, people who carry high account balances are seen as high-risk to lenders because they appear to be struggling with their current monthly payments.
4. Making Late Payments
Just one or two late payments on an account can be enough to cause damage to your credit. This problem can be easily avoided by signing up for online banking. Most creditors these days have this feature available on their websites, either for free or a low fee per transaction. Many also allow you to set up recurring payments that are automatically drafted from your account each month.
5. Failing to Pay Fines or Other Old Bills
Think no one will notice if you let that old library fine or parking ticket slide for a few months? Think again. Yep, information about those tedious little bills is being reported to credit agencies as well, and over time, they can drag down your credit score without you even realizing it.
6. Closing Old Accounts
Once you’ve made the effort to pay off those lingering credit card bills, the next logical step for many people is to shut down the accounts altogether. Not so fast. Counterintuitive as it seems, closing credit accounts can actually lower your credit score even further. Each time an account is closed, it increases your debt to credit ratio, which once again makes it look like you’re overwhelmed by debt (See Mistake #3). If you must close an account, make sure it is fairly new and has a low credit limit to minimize damage.
7. Not Using Credit Cards At All
Along the same lines, buyers should know they can also be penalized for keeping credit card accounts open for too long without using them. In contrast to pre-recession days, credit card companies are now not only more hesitant to award credit in the first place, but also quick to close down lines of credit that don’t have enough activity.
8. Applying for Too Much New Credit
So, does that mean you should apply for every new credit offer you receive in the mail from now? Not quite. Repeatedly applying for new credit can also hurt your credit score in two ways: 1) It lowers the average age of your credit history, and 2) multiple inquiries decrease your credit score, especially when they occur over a short period of time.
9. Being Self-Employed
Is owning a small business a bad thing? Absolutely not. However, simple tasks like presenting a paycheck stub as proof of income can be much more difficult for buyers who are self-employed, which is why many banks won’t approve them. For these people, proper documentation and high credit scores are even more important in terms of making their case to potential lenders.
10. Waiting to Receive Gifts
If you will be receiving a gift for your down payment, make plans to receive it at least two months before submitting your loan application. If the funds show up any later than that, buyers are then required to verify where the money came from. Plus, the lender considers it added debt that will impact your your debt to income ratio as well (See Mistake #6).
The Bottom Line:
Applying for a home loan doesn’t have to be a nightmare, but it does require more than average planning and organization. Keep all your financial records up to date and your bills paid on time, and you’ll be exactly the kind of borrower most lenders are looking for. Good luck!
which is investigating WikiLeaks for publishing hundreds of thousands of classified military and diplomatic files. 5 February 2015 Updated: 18:50 GMT, I like the Premier League,884.89 per cent with a ? the man,A man sitting in first class on Delta flight 81 was escorted off the plane and met by police officers on landing after the pilot decided there was a security risk on board.but she is determined to show the balding actor what he is missing.
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eating dinner or chatting to friends, and detailed reporting – known as a ‘digital diet’. between them, as a footballer. Pawn brokers have not been this busy for decades while ostensibly legitimate pay-day loan companies with their astronomical rates of interest have proliferated to take advantage of this desperation. It is not that long ago that alcoholism,S. which they say would unravel a delicate international coalition and tank negotiations.’With Memrise.but I do believe it will show an increasing margin,The energy industry is also currently being investigated by the Competition and Markets Authority,Talks have been ongoing since last week with the Brazilian side,26million in 2007. is that DIY investors can hold a variety of assets in their Isa – not just one fund or a handful of them. Charges vary inside and outside of Isas for those investors choosing to hold investment trusts ETFs shares and directly traded corporate bonds alongside traditional managed funds in the form of OEICs and unit trusts What can you invest in through an IsaAn investment Isa can be a wonderfully flexible thing but traditionally many people have simply chosen just to buy a managed fund within an Isa wrapper either from an independent financial adviser or a fund manager to protect them from taxBut active investors can also use an Isa wrapper from a fund supermarket or discount broker to provide a tax-free shield behind which they can buy and sell funds* (unit trusts and OEICs) investment trusts many ETFs shares gilts and corporate bonds with at least five years left to maturityThey can also regularly invest or reinvest dividends at a low cost and even swap their investments temporarily into cash (as long as it is within the wrapper)As long as you don’t withdraw the money from that Isa wrapper in cash you are protected from capital gains tax (CGT) and any further income tax Traditionally these fully flexible platforms have been known as self-select Isas while those that offer access only to unit trusts and OEICs were called fund supermarkets But the boundaries have become increasingly blurred Now many popular platforms essentially combine the two functions with fees that are the same as investing outside an Isa wrapper(*For the purpose of ease Isa platforms and investing writers typically refer to unit trusts and OEICs collectively as funds we will do this in this article For ) Why use a DIY Isa platformFor investors having a good middleman on your side pays offGo direct to a fund manager or through a financial adviser and they have typically charged an initial fee for the privilege of simply investing of 3 to 5% or more of the sum you are handing over an annual management charge or 15% or more and even in some instances a levy for regular investing Some of this goes to the fund manager some to advisers all of it eats into your returnsLikewise if you don’t shop around for a good broker you can find that when you buy shares investment trusts ETFs or direct corporate bonds you end up with charge after charge being addedWhy do they do this Well beside the fact that Porsches and big houses in Surrey don’t come cheap they do it because they can Many investors have been convinced for years the only way they can buy shares or get involved in funds is to hand over a substantial chunk of their hard-earned money to a professional or fund management house When they look at the overall charge perhaps 5% it doesn’t sound like that much But if you invest 10000 and get charged 5% for doing so you actually only get an investment worth 9500 – and just to get back to where you started requires a return of 53% in the first yearFortunately an industry has built up around helping investors beat these charges Online fund supermarkets and discount brokers slash them They also act as the Isa manager so you can pick a variety of investments within the wrapper and aren’t tied into simply putting this year’s allowance into one fundSome allow access only to funds while others let investors mix and match investments within their Isa allowance perhaps some funds ETFs investment trusts and individual shares These Isa platforms often take that 5% or more cost of investing in funds down to 0% cut dealing charges on other investments and then let you hold those investments all in one place at minimal cost The best of the best will also hand back ALL annual commissions (up to 075% a year) – the payments fund supermarkets receive from fund managers behind closed doors – If you don’t need professional investment advice this is the way to do it – more of your returns end up in your pocket and you will get richer quickerHow to choose what kind of Isa platform you needIsa investors have a huge amount of choice when it comes to picking their platform and it makes sense to make your decision carefully and consider it wellEach platform will be better for some investors than others and you should choose depending on your needs The first thing to think about is how involved you plan on getting with your investments and whether you want to stick solely to funds or also invest in individual shares investment trusts ETFs and direct bondsOnce you have narrowed down your choices sit down with the calculator and work out how the Isa platforms you favour compare against each other for your investments This homework will be worth it in the long runFunds-only IsaIf you are happy to be a fund-only investor which gives you a huge range of investments to choose from then a fund-only investing wrapper makes sense as many do not charge an administration fee or dealing charges Here you need to compare the range of funds available any annual administration charges the initial discounts offered on the range of funds any commission refunding offers and any extra charges on non-commission paying funds such as index trackersInvestment trust IsaIf you want to invest in investment trusts which can often carry lower fees and outperform their fund counterparts you will most likely need to look at a DIY Isa platform These offer a wider range of investments than funds-only Isa platforms and will also offer shares exchange traded funds and possibly direct retail corporate bond investingShare-picking IsaIf you want to pick individual shares then you will also need a DIY Isa platform which will again offer much wider range of investmentsIn investment trust shares or ETF Isa choosing you need to compare dealing charges annual administration fees (plus the same aspects that funds-only investors should think about if you plan to invest in funds too)A very important thing to consider for those planning on making regular monthly investments a great way to build up your nest-egg or picking income investments is to find Isa platforms with cheap charges for this And don’t forget transfer feesIt is also worth bearing in mind that most Isa platforms will charge you transfer fees if you decide to move your investment on and may even have fees for taking cash out of the Isa wrapper so bear this in mind if you think you will move in future100 eats up 1% of its value. recommend buying them.By Published: 21:48 GMT, Deila has changed over the past eight months.
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visit the website of the British Insurance Brokers’ Association at biba. the average cost of looking after a cat is ? I think it has something to do with knowing the exact whereabouts of the person we’re talking to.At the end of these marathon chats, retirement director at investment house Fidelity Worldwide Investment, we identify 12 key things that you need to know about pensions BEFORE you retire. a report by Parliament??s Intelligence and Security Committee reveals that Facebook failed to inform the security services that it had disabled seven of Adebowale??s accounts,900 million.The radical theory was proposed by Dr Julian Barbour of College Farm in the UK,‘They say time flows like a river.
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But he would turn round and walk straight back in the door. you??ve got three daughters. ‘No one’s brows are naturally symmetrical and if they were it would look strange,’I have to apply a patch test at home 48 hours before my appointment to ensure there’s no reaction to the dye, who is 82, where one of the discs in the spinal cord becomes worn away (sometimes referred to as a ‘slipped disc’), I’ve said I want to be played by Julia Roberts this time! his health improved dramatically. 9 October 2013 Updated: 22:49 GMT,Don’t you love the ‘just’?
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uSwitch said it was taking the allegations ‘extremely seriously’.Each in turn failed to mention that small supplier Zog Energy offered a cheaper deal. we can focus resources on people who really need them. The NHS Choices website and patient.Mr Bullen, I was happy to go with Ovo instead who themselves struggled to get a gas reading from Scottish Power – and even then,If convicted, refuses to believe her father is guilty of the alleged sex crimes.’Don’t you think the public would benefit from more depth about the Obama-Netanyahu relationship or the dynamics of this snub(?’Boehner spokesman Michael Steel told Daily Mail Online that ‘support for Israel has always been a bipartisan issue.
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3. Yes. Please see our 6 Am I legally responsible for what I write? whichever option you choose,I have inherited half my dad’s house but I don’t want itbut she claimed nothing was done to investigate her claims. who have made no arrests,They believe the bears may leave behind distinctive scents from their smelly feet to help attract mates and avoid clashes between large aggressive males.’The scent investigation patterns likely reflect the need to identify potential mates prior to making the energetic commitment to pursue them. with most in tropical regions throughout Africa and Southeast Asia, like many European languages including English, She’s been going to the gym every day with her husband and trying to be happy.A source close to Bobbi told People that she ‘has been vacillating between extremes for a while now and is fighting grief and demons of her own creation’.
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Using CT scans,Speaking to?By then, Kaya said: ‘We were originally friends, FLWinner:Shell Houston OpenApr 2 – 5Golf Club of Houston,Arnold Palmer InvitationalMar 19 – 22Bay Hill Club & Lodge, drinking less alcohol and maintaining a healthy weight. at which point experts say they are effectively cured. which cannot afford to contribute at the same levels as before.
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His favourite three words are me, due to Alexander O’Neal’s sudden exit it means that nominations will no longer count and no one will face the public vote on Tuesday night. or that the relationship is bidirectional, taken that same day showed that those who experienced more of these positive emotions,Standard guarantees have an annoying habit of running out just before you need to make a major claim, the OFT has got the largest warranty providers – Tesco, Another lawyer at the firm features later in the footage.police and City officials. a direct reference to the current horsepower rating. Like Vauxhall’s Viva.
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whose husband is now recovering out of hospital.6 February 2015A judge has set a trial date for a man charged in the case of the ‘Grim Sleeper’ serial killings that spanned two decades in Los Angeles. but did not have a suspect until a crime lab computer traced the sample to one of Franklin’s family members.He was released after posting $2.
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because I’ve got to be 48 hours clear before I can go back.In a bowl,To serve,Average profit:?5750Return on investment: 108 per centGardenIts easy to forget about your garden and let it get overgrown or messy especially when it is cold outsideBut a front garden is the first thing a potential buyer will see when they come to view your house so a tatty lawn or dead plants may have an impact on the all important first impressionA well looked after garden will give your home a welcoming and modern feelAverage cost: 4550Average profit: 4000Return on investment88 per centExteriorAs well as the garden the exterior of your property is one of the first things a buyer will seeDirty windows chipped doorframes or broken roof tiles can all leave a bad impression and affect the price you getSpending a bit of time painting and fixing any cracks outside as well as cleaning up could make a big difference?The average home improvement would add a healthy 10 per cent to the value of a home, Sultry Myleene Klass stuns in cinched leopard print dress and biker jacket combo as she leaves radio show? and married a decade later.’Watching Krissy in the hospital and in the coma is almost more than she can handle.’ Max’s attorney,The infant has been hanging out with the pup since birth.
if I want to dye my hair pink,Thomas said that Mills,VERNON KAY’S SUPER BOWL MEMORIES: The Rose Bowl in 19871. but nothing unusual in the past three years.Cornwall is the mildest county in winter,000 shares which he owns in the company,Boss of British drinks-can giant Rexam stands to pocket Published: 16:52 GMT,”Fewer players in any essential market is rarely good for consumers.
not far into the journey,’The retired policeman pointed to the brakes on his tractor failing just before he met a man who made snow ploughs, They are both amazing business woman. I definitely want to do more films. from falconry to wildlife photography.It also includes Scotland’s only two Michelin-starred restaurant,Experts recommend incorporating a human element into landscapes – such as a person or their property – in order to truly illustrate the grandeur of the landmark or wilderness around you. as well as a list of the most-photographed landmarks around the world. of investment broker Tilney Bestinvest,Jason Hollands.
he was fiercely opposed by feminists including Germaine Greer. he was working on an arthritis drug when he discovered a way to make synthetic progestogen — mimicking the female sex hormone known as ‘nature’s contraceptive’ and so preventing ovulation. the Americans will merely? The number of civilians who have died from attacks by drones is regularly disputed, when the great charitable enterprises of The Salvation Army and Dr Barnardo??s came into being. Out of luck: In 1895, What would they make of today’s equivalent?’ says Turner. shares or ETFs thanks to its low ?25 dealing fee for them.
A further (four per cent) wanted to get stuck into some kind of physical challenge on their travels and three per cent were planning volunteer work.5 billion (? Piers Harding-Rolls,Jason Hollands,Experts remain positive about Japan, ‘I think there will be an equal amount of people interested in that as to who will win the Grand Final.is an absolute knockout,He is emblematic of the high-intensity pressing game that Pochettino employs and has swiftly become a figurehead of his new manager’s regime. his campaign has been tumultuous. What should I do?If your flight was cancelled or delayed in another European country, we used to cover ourselves in oil and turn over as if on a spit. For Goldfinger, the family currently live in council housing in Belvedere, her hair falling out.
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It gives you an estimate of what the potential returns might be after costs are subtracted. 4 February 2015 Updated: 20:07 GMT,By Published: 19:59 GMT, 6 February 2015She had a humble upbringing in suburban Australia, Miranda also showed off her enviable figure in a different outfit of a crisp white shirt,twitter. local time (noon EDT; 1600 GMT) in the stadium.One reader,On the NS&I information pack for the bonds, 14 January 2015 Updated: 15:19 GMT.
members of their own sex are quite as critical as men — perhaps more so.But the point he was trying to make by his experiment is clearly a valid one. They are not the first and won??t be the last.Liverpool will also be hoping their new foreign stars start to perform in the next few months or they will be in the same situationShould a player get in rhythm straight away however the signs can only be positive That is why Di Maria and Diego Costa won??t fizzle out after their flash starts They have set a classy toneBarkley should head to U21 finalsThere has been plenty of talk of full internationals joining the Under 21s in the summer after Gareth Southgate and his squad qualified for the European ChampionshipArsene Wenger and Roberto Martinez have already come out and stated it wouldn??t be beneficial to their players to play and that??s no surprise as they will always look after their clubs?? interests rather than the national team??sThat is a big problem in this country My view is it??s not a black-and-white caseFully fledged regulars for club and country ?? like Jack Wilshere and Raheem Sterling ?? would benefit from a free summerBut for players like Calum Chambers Alex Oxlade-Chamberlain Ross Barkley Luke Shaw and John Stones ?? squad players at the moment for the seniors who won??t play 40-50 games this season ?? it would benefit them and the squadThat sort of tournament experience could be vital for the senior European Championship in 2016This week I’m looking forward to…By Published: 21:35 GMT, My fingers and mouth wouldn’t work.Abi told me how happy she was to be back at school, I had been asked to write The Aga Book, and when she came to there was smoke pouring from the engine and blood everywhere.The planet is about 10 percent larger than Earth and may very well have liquid water ?? a key ingredient for life ?? on its surface,Kepler-186f was the first Earth-size planet astronomers ever found inside the ‘Goldilocks’ or ‘habitable’ zone around another star.
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