Tips and Reminders
Oh, the stories we could tell! We've seen many a loan file moving along nicely until our borrower innocently made a huge, untraceable deposit, bought a new car, or quit their job, sending their otherwise easy loan transaction into a tailspin. Don't make us add you to that list! These handy tips and reminders can help you avoid delays and keep your loan process moving along smoothly:
- Fill out the loan application completely.
- Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
- Anything that causes your debts to increase might have an adverse affect on your current application. Notify your loan officer before applying for a car loan, new credit card, etc. to be sure it won't affect your application in process.
- Do not move money into your bank accounts unless it can be traced. Please contact us before moving any monies around as we have to document all transfers and this can create a lot of unnecessary paperwork for you. Additionally, if you are receiving money from friends, family or other relatives, we must document this as either a gift or loan. If it’s a gift, we must document the transfer of funds. If it’s a loan, we must document the transfer of funds and the Promissory Note and the debt is included in your debt-to-income ratio.
- Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf. Please inform your loan consultant if you will be out of town during the process of your loan.
- Notify your loan officer before applying for any other credit, including credit cards, personal loans or even with another mortgage company. Some loan programs have strict guidelines regarding your credit score. Credit inquiries may lower your credit score and may have an adverse affect on your loan approval.
- Resist the urge to quit your job! Lenders will verify employment just prior to funding, so any changes in employment (even after you've signed your final paperwork) can cause setbacks.