Here’s my top five things that will kill your mortgage application or give you one BIG mortgage headache!

I explain more in today’s video:

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(Watch it on your mobile phone or email reader here)

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The world’s oldest man died yesterday in Montana.  Walter Breuing was 114 years old. In an interview, he said that the reason for his longevity was eating two meals a day, working as long as he could and embracing change.

Just imagine how much the world has changed over the last 114 years!  You have to adapt.  I thought this story was inspiring due to all the changes in the real estate and lending world lately. It’s time to embrace the changes. It’s here and there are great opportunities that come along with change.

Click here for the full story

Here’s my top five things that will kill your mortgage application or give you one BIG mortgage headache!

5. Opening new credit or using a lot of your current credit.

Don’t Buy a new car or buy a four wheeler on your credit card during the mortgage transaction.

4. Missing payments.

Don’t be late on any of your bills but especially the ones that show up on your credit. Yes, your electric bill shows up on your credit bureau.

3. Making large deposits without a paper trail.

Large deposits are a red flag for borrowed money. You need to source and season all funds!

2. Switching jobs in the middle of your mortgage transaction.

Don’t switch from a W2 employee to self-employed either. You better be prepared to buy the house with cash it you do.

1. Not being up-front with your loan officer.

This will save everyone a lot of headaches and help them structure your loan correctly from the beginning. I can tell you this is the biggest issue with mortgage turndowns or delays. Your mortgage professional is there to help. Tell them everything.

Avoid these 5 items and you will increase your chances with a successful stress free loan closing.

Rates are flat today.   Mortgage bond are seeing a nice rally this morning in response to a tame monthly consumer price index inflation reading and the new from overseas. US bonds continue to be a safe haven for investors.

Today’s rates with NO lender fees are 4.75% on a 30 year, 4.0% on a 15 year and 3.25 % on a 5/1 ARM.  These are best rates I found today with NO lender fees.

Contact me with your loan scenario and I will let you know if you’re getting the best deal based on your situation.  At the very least send this video to your lender and tell them you want these rates with no lender fees.

If you Like this information please post it, share it, tweet it, and forward it to everyone you think could use it.  Tune in Monday for a free Rates in Motion iPhone app.

See you on Monday and have a superb weekend!!

– Mike

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