June 12, 2014 Visit | www.homesintucsonarizona.com
How to Make Mortgage Approval Easier
With new mortgage rules and regulations in place, buyers may face more obstacles when
applying for a mortgage.
“Buying a home is likely the biggest purchase anyone will make, and community bankers are
an excellent resource to help guide consumers through the process,” says John Buhrmaster,
chairman of Independent Community Bankers of America and president and CEO of 1st
National Bank of Scotia, N.Y. “Community bankers across the country can help their
neighbors in their local community find mortgages that fit their financial needs, budgets, and
lifestyles.”
ICBA, which represents more than 6,500 community banks across the country, recently
offered several suggestions for prospective first-time home buyers seeking a loan, including:
• Collect paperwork and documents. Buyers should have paycheck stubs, W-2
forms, tax returns, and bank and investment statements for the last two years.
• Check credit reports. Buyers should know their current credit score before applying
for a loan. Credit reporting agencies are required to give one free report annually.
• Keep tabs on spending habits. For example, maxing out credit cards or falling
behind on other loan payments will likely create issues when applying for a mortgage.
Buyers should avoid going on a spending spree before and after applying for a loan to
avoid any hang-ups.
• Explore options. ICBA encourages buyers to work with community bankers to figure
out how much to borrow and which mortgage product is right for them. They should
explore mortgage options, including rate adjustments, fees, and other loan features, to
avoid surprises at closing.
• Know the rates. “Learn what current mortgage rates are,” ICBA notes. “Your
community banker can help you understand how that translates into monthly
mortgage payments.”
• Look for special programs. Buyers may want to check with their state, city, and
county government agencies for special first-time home buyer loan or grant programs
available to assist with down payments and closing costs
All contents copyright 2014 Independent Community Bankers of America. All rights reserved.
Please call us at (520) 622-4020
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