With September’s back-to-school vibe hanging in the air, I thought it might be best to leave rate talk to pundits, data drivers, and decision makers, instead focusing this month’s article on easy rules and reminders for mortgage financing success. My hope is that these simple tactics will help you win.
Always Track the Last Action
Mortgage underwriting is like connecting the dots of the past and present to predict the future — that’s the concept of “Ability to Repay,” put forth via the Dodd–Frank Act. Thus, it’s good to save the last of anything, paperwork wise. Maybe you earn variable income and were only on a job for 90 days — save the last pay stub you got. Maybe you are moving money and closing out an account — save the last statement you get. Maybe it’s the last payment you made on your student loan — save it and store it. These little pieces can help connect the dots with less headaches in the future.