When it comes to obtaining a mortgage there are a number of factors that can contribute to your chances for loan approval. At Mortgage Gumbo, we are committed to providing our clients with accurate information that will allow them to qualify and obtain the very best mortgage loan for them. So let’s break a few myths down – are they Fact or Fiction?

FACT: Don’t open any charge accounts until you sign on the dotted line at closing. Your lender gets all alerts and you don’t want to have a last minute red flag.

FACT:  If you take a loan against your 401k you DO have to count that as a new loan and disclose it to your lender. Just because you are borrowing from yourself, it still must be considered a loan.

FICTION:  You have to be at your current job for 2 years to qualify for a loan. Where steady employment is a plus when your loan is being reviewed, it is not a necessity. Underwriters will look at a 2-year work history and you will be required to provide pay stubs from the last 30 days.

FICTION:  Adding a co-signer will automatically qualify you for a loan if you have poor credit. This is a false assumption. If you have a 560 credit score and your co-signer has a 795, lenders will have to use your credit score when considering your loan.

And these are just a few of the truths and myths out there. That is why it is so very important to partner with someone who knows the ins and outs of the lending business. At Mortgage Gumbo, we can break it down for you and help you to get the very best mortgage option out there.

Please call me, Dwayne Stein, anytime at 504-207-7600 or at info@mortgagegumbo.com. I’ll shoot you straight and break things down into simple, easy-to-understand terms. That’s my day job and I’m sticking to it!