Work with a Trusted Lender

As an active-duty military family that is constantly on the move, you need efficient turnaround when purchasing or refinancing your home. So, it’s important to work with a mortgage professional you trust before engaging in a real estate contract. AAFMAA Mortgage Services LLC (AMS) Military Mortgage Advisors (MMA), also known as mortgage loan originators, are licensed loan officers who understand the unique needs of military borrowers. They guide military members through the homebuying and/or refinancing process, including loan documentation, purchase and sales contract review, and other time-sensitive elements.

Related: Who We Are

Maintain Your Employment Status

It’s recommended not to change jobs or retire during the mortgage process. Even if done for the right reasons, mortgage underwriters often view a job change as an area for concern when determining if someone is eligible for a home loan. Additionally, mortgage underwriters do not treat retirement income the same as normal W-2 income for newly retired individuals. Changes in job or employment status during the mortgage process can cause delays or even a loan denial. Keep in mind that documentation requirements vary by lender.

Check Your Credit Score

Knowing where your credit score is can give you a good idea if you’ll be able to qualify for a home loan and for how much. Back in the 1990s, a credit check would slightly lower a credit score (usually by about 5 points). This is no longer the case. Credit can be checked multiple times within a 30-day period without your score being affected. However, opening new sources of credit during the home purchase or refinance process will likely lower your credit score. Therefore, be sure not to go apply for credit cards, an auto loan, or other credit during the mortgage application and qualification process. Credit inquiries may lower your credit score, and may cause your lender to ask you for additional documentation, plus any new credit or debt acquired may impact your debt-to-income (DTI) ratio used to qualify you for a mortgage.

Related: Will My Credit Be Dinged When I Apply for a Mortgage?

We’re Here to Help

Whether you’re thinking about buying, ready to start home-shopping in earnest, or considering a refinance, an AMS Military Mortgage Advisor, a licensed Mortgage Loan Originator, will be happy to provide you with an honest and fair comparison of your mortgage options, including a wide range of affordable mortgages designed to meet your needs.

Ensuring AAFMAA Members obtain the best mortgage possible is our mission. Get your free mortgage assessment today or give us a call at 844-422-3622!

This article was originally published October 4, 2016.