October 4, 2016 – Top Three Financial Behaviors that can Ruin a New Home Purchase or Refinance, by Anthony Powell, Vice President of Operations of AAFMAA Mortgage Services (AMS). The top three tips to avoid when purchasing a home or refinancing a residence include:

First, make sure to involve a state-licensed mortgage professional before engaging in a real estate contract. Active duty military families require quick turnaround when purchasing a home, due to potential deployment. State licensed mortgage professionals guide military members through the cumbersome process, including loan documentation, purchase and sales contract review, and other time sensitive elements.

Second, do not change jobs or retire during the mortgage process. Often times, mortgage underwriters view a job change as a real concern, even if done for the right reasons. Additionally, mortgage underwriters do not treat retirement income the same as normal W-2 income for newly retired individuals. Documentation requirements vary by lender and can cause a loan denial.

Third, have a state-licensed mortgage professional check the military borrower’s credit. In the 1990s, a credit check would slightly lower a credit score (usually by about 5 points). AAFMAA Mortgage Services encourages military families to check credit scores. Since approximately 2005, multiple mortgage credit scores (within about a 30 day period) no longer lower credit scores. However, opening new sources of credit during the home purchase or refinance process will likely lower credit scores.

Anthony Powell, an experienced state-licensed loan officer and Vice President of Operations of AMS, can help military families achieve home ownership. AMS competes on rates and service and takes pride in continuing the tradition of zero BBB complaints ever to date. Military families can get the most value out of a home sale or purchase by working with unique tools like the AMS mortgage calculator coupled with experienced state-licensed mortgage professionals.

AAFMAA Mortgage Services. 844-246-7930 (844-4-AAFMAA). http://www.aafmaa.com/mortgage. Physical location 639 Executive Place, Suite 203, Fayetteville North Carolina 28305. NMLS license number 1423968.