Providing Mortgage Solutions for Clients Seeking Confidence, Convenience & Peace of Mind.
DURING THE LOAN PROCESS
Getting a mortgage can be complicated and there are a few things that can actually keep you from getting a mortgage, and that’s definitely a bad thing. I have compiled a list of do’s and don’ts to help guide you. Please note: If you have a unique situation, please contact me as soon as possible to make sure nothing will get in the way of you closing on your new home.
THINGS TO DO
Communicate with your Loan Officer
Your Loan Officer is a personal advocate during the mortgage process. You will want to maintain an open, honest dialogue with them from application through funding. This helps alleviate surprises, allowing your lending professional to consider alternatives if need be.
Provide Supporting Documentation
The information given on your loan application must be supported by documentation and will be reviewed by a processor and an Underwriter.
The lending process can be confusing and at times seem that redundancies occur. Your Loan Officer is coordinating a transaction between multiple professionals and entities, all of whom have their own requirements and guidelines. Ask Questions.
Gift Funds For The Purchase Of Your Home
When accepting a gift to be used for your home purchase, you will be required to document the money. This involves proof of the source of funds, copies of the check, bank statements of both accounts, and a completed gift letter which your lender will provide.
THINGS NOT TO DO
Shift Money Between Accounts
Account statements are collected to document available funds during your transaction. These funds are also verified prior to closing. Any major withdrawal or deposit will require additional documentation and may extend the time needed to close your loan.
Make Random Undocumented Deposits
We must make sure that the money in your account is yours and if not, the source must be documented. When making non payroll deposits into your account, you may need to provide a copy of the check and an explanation of the source of funds.
Apply For New Credit
Applying for credit can adversely affect your score even if you do not accept the offer. Each application for new credit will cause an inquiry to your credit report which will then have to be explained. Please consult your Loan Officer before any major purchase.
Purchase Major Items
A large payment such as a car lease can have a significant impact on your debt to income ratios and prevent you from qualifying for a new loan. Wait to buy those big ticket items until weeks after you’ve closed on your home.
Forget To Pay Your Bills
Moving can be a chaotic time. Don’t let the busy activity get in the way of paying your bills on time. One missed payment could have a negative impact on your credit and home loan.
Switch Jobs Or Pay Structure
Commissioned income must have a 2-year history before it can be considered. Quitting or changing jobs/companies can also make it hard to obtain home financing. Consult with your Loan Officer if this is a possibility.