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Tips for a Smooth Loan Process

During the course of getting a mortgage loan, almost every aspect of your personal finances will be checked and re-checked.  Our team’s goal is to make this as stress-free for you as possible.  There are some things you can do to make the process easier.

  • Be thorough and up front with us about your situation.  If there is something you are not sure about, please ask. Some examples that are commonly omitted are: your source of funds, number of mortgaged properties you own, new credit accounts opened in the last 90 days, legal, marital status, past bankruptcies, etc.
  • The loan process is interactive; if you are going to be out of town during the transaction, please let us know how to get in touch with you or when you will return.
  • Please hold on to any paystubs and bank statements you receive between now and closing  because we may be required to update them closer to closing,.
  • Bank Accounts:  Mortgage guidelines are extremely specific in regards to documenting funds in the bank.
    • Be sure to provide all pages of financial statements, even if the page is blank
    • Earnest Money:  Make sure your earnest deposit comes from your own account.  Before closing, we will need you to provide an updated  bank statement that shows the earnest money clearing your account.
    • Deposits:  Every deposit to your account will need to be documented.  We are required to determine the “source” of each deposit.  Please talk to us before you deposit cash or non-payroll checks you into your accounts.  If you are selling something or getting a gift or loan for any part of your down payment, please talk to us first so we can explain all the documentation that will be needed.
    • Be sure all bills are paid on time and do not bounce checks.  If your bank statements show any NSF fees, we will most likely need you to write a letter explaining what happened and why it won’t be happening again.
  • Credit:
    • Do not incur any new debt.  The rule of thumb is – don’t let anyone pull your credit if it can be avoided.
    • If you are considering financing furniture or appliances, do not apply until after your loan is closed and recorded.
    • Do not charge up your credit cards.  A higher balance on your credit card may hurt your credit score and your ability to qualify for the mortgage.
    • Make all your payments on time.  If you are refinancing, make sure to keep making payments on the loan you are refinancing.
  • Employment
    • DO NOT quit your job or change jobs.  Someone will be calling your employer on the day of funding to verify that you are still working there.

 If you run into any special circumstances, please call us right away.  Remember, we’re on your team.  Our main goal is to get your loan approved, and we’re here to guide you.  Please don’t hesitate to call!