First Home Mortgage Corporation

Campbell, Cupertino, Gilroy, Milpitas, Monte Sereno, Morgan Hill, Mountain View, Silicon Valley, Santa Clara, Saratoga, Sunnyvale, Stanford, Atherton, Redwood City, Portola Valley, San Carlos, Belmont, La Honda, Loma Mar.
8 Things You Absolutely Shouldn't Do Now?
That?Your Mortgage Application Is In-Process
From Kristen Emery |?
With mortgage rates are hovering near all-time lows, lots of Americans are taking advantage of refinance and home buying opportunities.?

The downside of today's unexpectedly-low rates, though, is that mortgage lenders are ill-equipped for the rush of new business.?

As a result, the process of underwriting and approving?new?mortgage applications?is taking some conforming?lenders as long as 2 months to complete.?This is double the time needed as recently as six months ago.Because there may be 60 days between the application date and the closing date, it's important for applicants to remember that mortgage approvals can be revoked at any time prior to funding.?As mortgage applicants, there are many events that are?out?of our control -- job security and health matters, for example.? But there are also events that are?within?our control.? 8 things you should absolutely not do while your home loan is in process

Knowing that mortgage approvals can be fragile, here are?8 things you should absolutely?not?do while your home loan is in process.? It may be the difference between being approved by the bank, and being turned down.

  1. Don't buy a new car or trade-up to a bigger lease.
  2. Don't quit your job to change industries
  3. Don't switch from a salaried job to a heavily-commissioned job
  4. Don't transfer large sums of money between bank accounts
  5. Don't forget to pay your bills -- even the ones in dispute
  6. Don't open new credit cards -- even if you're getting 20% off
  7. Don't accept a cash gift without filing the proper "gift" paperwork
  8. Don't make random, undocumented deposits into your bank account

Growth on the Horizon.(First Horizon Home Loan Corporation): An article from: Mortgage Banking
Book (Mortgage Bankers Association of America)


2008-11-01 12:49:38 by RancidChicken

Profiting From Fine Print With Wall Street's Help
ernae Gunderson, a certified paralegal who lives in St. Paul, is not intimidated by fine print. But she was still puzzled by the mortgage documents she got in May 1998 from the First Alliance Corporation. This did not sound like the affordable home equity loan that she and her husband had been promised.
So about 2:30 p.m. on May 26, Mrs. Gunderson called the manager of the mortgage company's local office and asked all the right questions about rates, monthly payments and fees

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