Like almost every adult in North America, we have thought about what it would be like to live next to a city like New York. Even if cities do not excite you that much, the idea of having all of that culture, all of those things to do and all of those opportunities right around the corner every single day is enough to invigorate anyone. The two things that stop most people are the idea of living with all that noise and the idea that a home would just be too expensive. But towns like Somerset, New Jersey show that you can have a quiet, peaceful and affordable life and still be only a stone’s throw from the most exciting city in the world. Located just as the city suburbs quiet down on the southwest corner of the New York/New Jersey metro area, Somerset is a great town to live, work and grow old in. It is no wonder Somerset has become the most popular spot in Northern New Jersey to call home. Here are some helpful bank loan tips if you want to learn more about a refinance, a home equity loan or a first time mortgage.
Refinances
When most folks go through the mortgage process the first time, they tend to suffer from a case of tunnel vision. They are so focused on owning a home and not letting anything stand in the way that they tend to let the mortgage process and the finer points of how to handle it pass them by. But now that they are doing it all over again with a refinance, it is good to know what the lender is going to be looking at come application time. One important part of your application that most people do not realize is the job that you have. Most people would assume that the more you make, the better it appears on your application. This is only half right. Your lender actually puts just as much value on the amount of time you have spent at your job.
Your lender looks at your job as a way for you to pay back your loan. Job security is just as important to your lender as how much you make, so if you left your current job within the last year, even if it was to take a higher paying job somewhere else, your lender is going to dock you points because, they assume, the most recent one hired will be the first one fired if the company happens to fall on hard times. That is why it is extremely important to make sure you have at least one year at your current position before applying for a refinance or a first time mortgage.
Mortgages
Of all the things you can do on your mortgage application, the absolute worst thing possible is to lie. It is human nature to try to make yourself look as good as possible, and many people exaggerate on their mortgage applications. But, lenders double check most everything that appears on your application so outright lies are going to be caught 9 times out of 10. If you are caught with a lie on your application, not only will your application be terminated immediately, but there is a chance you could face criminal prosecution. It is much better to be honest and get the terms and rates you have earned than to lie and end up in serious trouble.
Home Equity Loans
The same advice holds true for your home equity loan. You want to make sure that you are completely honest on your application. If you realize after the fact that you have filled in something by mistake, notify your lender and explain the mistake. Honesty is always the best policy.
If you would like more information on getting a home equity loan, a refinance or a first time mortgage, please fill out the short form below.
