Do's & Dont's

Pro Funds Mortgages has had several years of experience in this industry over time. We have hit many roadblocks and obstacles based on our clients circumstances. We have produced an interesting and valuable list of often made DOs and DON'Ts.


Do Not

Do not shop for your mortgage. You may believe that this is the best way to find the best mortgage for you. However, each time a lender is approached a credit inquiry is pulled in order to confirm a pre approval or an approval. This can harm your credit.

Do not allow anyone to pull a credit bureau unless you plan to utilize this professional's service. It is recommended that you find a mortgage broker that you have trust and comfort with.
Several credit hits will bring down your credit score as well lenders will look at shopping as a negative. It will make your financing more challenging to obtain.

Do not take anyone's word for any approval. Get it in writing (always no exceptions). There are several beginner mortgage agents out there. Some of these beginners will do almost any thing to get a deal. They will tell clients what they want to hear. This is one of the largest problems in the market.

Do not waive your financing clause - unless you have your written approval.

Do not put any offer in without any conditions, unless you have the cash in the bank. Always have an exit. You will be legally liable for closing on this.

Do not order your own appraisal. Banks will have a specified list of appraisers. You may incur this cost twice. Some exceptions financial institutions will cover this cost.


Do

Do your due diligence on a property you wish to purchase:

- Building inspection
- Zoning
- Confirm revenue & expenses
- Confirm financing has been obtained
- Adequate Insurance

Do disclose all information to your broker. Surprises will jeopardize your closing. A broker is working for you and requires all information to achieve a real approval.

Do acquire a pre-approval. Give your self a confirmed pre-approved loan amount as well as guaranteed rate hold for 90 days. This will ultimately avoid frustrations when you find the perfect home.

Do have loyalty to your mortgage broker.

It is recommended to be honest and loyal as working with many or more than one broker will not be in your best interest. If more than one mortgage submission occurs at the same time, it could cause a problem for your approval. You may think this is in your favor however, each broker will submit your application differently. If there is conflicting information, a bank (lender) will decline the deal. Have faith in whom you deal with. Let them handle all. Brokers get paid for their services when the deal closes.