The do's & Don'ts
How to make your life, and loan process, easier....
Be as thorough as possible when completing the loan application and with your loan officer during the interview. The more we know about your particular situation will serve to avoid unnecessary surprises further along in the process. Having complete, and accurate, information allows us to serve your highest purpose by recommending the most appropriate program and lender, which suit your needs.
Try not to move money around, and if you do, PLEASE tell us. Create a paper trail by making copies of checks (from gifts, sales of property/securities/investments, cashing in of bonds, certificates of deposit which have matured, to name a few,) which you may deposit to your account(s). When average balances change upward by a considerable amount or if you’ve opened an account within the last six months, an underwriter may question the "source of funds”. His/her concern is whether or not a loan was recently granted, and if so, that the payment is being accounted for. (Once the properly completed verifications of your accounts are in your file, you are free to transfer your funds around at your discretion.)
It is in your best interest to be cautious about making large purchases or arranging for other loans while applying for a new mortgage. (The most common experiences include shopping for a car and applying for new credit cards.) Most people do not realize the impact of multiple inquiries into their credit history. Not only can each inquiry cause "points” to be deducted from your "credit risk scores”, but also additional documentation may be required to complete your credit report. It will save you time and hassle to avoid these activities until your transaction is complete.
If you are concerned that you may have some credit issues to deal with, please let us know. We are available to counsel you and are experienced in meeting such challenges. It may be as simple as assisting you in compiling what documentation may be necessary to address the incident. If you would like more information on how to manage your credit history, please contact us.