Nick Jimerson explains how to avoid mortgage application problems.
Listen to the interview on the Business Innovators Radio Network:
Interview with Nick Jimerson Personal Mortgage Advisor with Nations Lending
The road to home ownership isn’t always easy, but if you’re not careful, your chances of becoming a homeowner could be ruined.
Here are five things that could be holding you back from owning a home:
- Job hopping.
A stable job, preferably in the same company, means stability and, above all, a regular salary that will allow someone to pay their mortgage. Even if someone doesn’t stay jobless for long, jumping from job to job or even starting a business could ruin the chances of buying a house in the near future and present someone with approval issues. mortgage. It’s best to aim for two years of work before applying for a mortgage.
- Opening of new lines of credit.
When you’re considering buying a home soon, it’s best to think twice before buying a new car or boat or opening other lines of credit. This increases the debt-to-income ratio, and even serious credit inquiries can affect someone’s credit report and lower their score. It is better to wait until after the closing of a house to consider taking out additional credit.
- Make late payments.
Pay your bills in full and on time each month. Not paying bills on time can wreak havoc on a credit report – just one late payment can lower a person’s score by up to 50 points. If someone is forgetful, it helps to use automatic bill payment, so they never have to worry about missing a payment to avoid mortgage application issues.
- Maximize your credit.
When multiple lines of credit are at the limit, the debt-to-income ratio skyrockets and mortgage lenders won’t approve someone for a loan if they’re already at the maximum. It is essential to avoid mortgage approval problems by keeping credit balances below 30% of credit limits.
- Not saving money.
With many mortgage options like those offered by NLC loans, people no longer need a 20% down payment. However, money in the bank is a necessary cushion in case someone loses their job or a financial emergency, such as an unexpected repair or medical bill, arises.
Nick says: “Don’t ruin or delay your dream of owning a home with these avoidable mistakes. For more information on your mortgage options or to find out if you qualify for a mortgage, contact one of Nations Lending’s personal mortgage advisors toll-free today at 1-888-434-4690.
About Nick Jimerson
Nick was born and raised in Minnesota, where he earned an undergraduate degree in business management from St. Cloud State University. He fell into the mortgage business shortly after college, starting his career as a loan processor and becoming a mortgage consultant. His experience as a loan processor has helped him develop his product knowledge and understanding of underwriting guidelines, so he can serve his clients at the highest level.
Nick truly believes in first listening and understanding each client’s short and long term goals to ensure they are placed in the best product. It is extremely important to learn and understand the details of every situation, to think creatively to solve problems and find solutions, and to communicate effectively so that every customer and business partner is aware at all times.
Nick now calls Colorado his home and has lived there for over 8 years. When not working on mortgages, he enjoys spending time volunteering for different organizations and non-profits, helping out as a gym coach, playing golf, snowboarding, hiking, camping and traveling domestically and abroad.
Learn more: https://nationslending.com/nick-jimerson
Personal Mortgage Advisor | NMLS# 1626715
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