June 16th, 2009 8:53 AM by Eric Fang
1)Don't check the credit score until the loan application. Sometimes, it's too late when you find the credit score low. We recommendto check the credit score at the pre-approval so that you will have enough time to fix the score.
2)Setup the move-in time right after the close.Please give you more "cushion" time for the loan close. You don't need to save the rental money. The loan close may be delayed for various reasons.You don't have to be under pressure that you will have to move out your current rental before the loan close(and we don't know whether it will beclosed).
3)Wait till the last minute for the appraisal and inspection.Yes, you can back out the deal before the deadline. But The inspection will help you to find any problems for the house. The appraisal will help you to know whether the house is worth the value.
4)Spend too much time to shop around the loan agents.You can compare with a few agents for the rates, fees and make the decisionas soon as possible. You can ask your friends for referrals. Once you decideto go with the agents, get the application ready and try to close the deal asap. You have limited time to close the deal. And you don't have to stressyourself on the rates, usually you could not get the best rates because of the urgent schedule.