1. Know your mortgage scores
2. Have all bank statements, tax returns, W2s and pay stubs readily available. Make sure everyting will match up with the 4506T(get copies for yourself)
3. Have a clean credit file. It will save you time from having to write letter of explanations( no mismatch names, no disputes, and no multiple addresses).
4. Write your LOX for large deposits, credit inquiries, mulitple jobs, multiple addresses and any negative items on your credit reports. Some Lenders prefer that you use their forms so ask the Broker(LO).
5. When you apply for mortgage make sure the mortgage broker doesn’t make any errrors in the liabilty section of the URLA. You want to make sure your DTI is correct and it stays under 43%.
6. Stay in contact with the mortgage broker(LO), loan processor, listing agent, your agent and title processor for updates from all of them. Specifically the loan processor and title processor. These people are key to making sure everything moves along. Do not depend heavily on your realtor to do nothing more than show you properties and make an offer.
7. Do not apply for any new credit. Do not allow any new balances report to the credit bureaus. Pay all balances before the statement generates so know your credit card closing dates. You want to keep your balance lower than what is listed in the liability section of the URLA.