Schools Starting - TIPS FOR BORROWERS DURING LOAN PROCESSING

Since school is starting back up all around the country - I thought it would be a good time to "review" some tips for borrowers during loan processing. 

Remember.....as a buyer, you can choose to work with any lender you want - just make sure you are an informed consumer by talking to a few different lenders to see which lender is the right fit for you.  Programs, customer service and rates are three excellent ways to choose the right lender.

• Even if you have a pre-approval letter in hand and are under contract - you should keep in mind that sometimes, CREDIT, INCOME AND ASSETS are reviewed/re-verified AFTER you have signed your inital loan application documents.
• Keep all accounts current - credit cards, car payments, mortgages
• If you pay off any bills during the loan process, make sure to keep copies of all statements and paycheck stubs
• Even if you are paying off an account, be sure to make those payments on or before the due date.  NO LATE PAYMENTS!
• Dont co-sign on a loan for anyone
• Dont take on any additional debt, i.e., new car
• Dont quit your job or get another job unless its in the same line of work and for equal or more salary.
• Dont change bank accounts or transfer money within your existing accounts
• Dont apply for credit anywhere
• Dont charge any large amounts on existing credit cards or start any home improvements which require you to open credit cards.

The above list is just a guideline - some probably seem obvious  - just make sure you double check the list when you are having a loan processed because until your loan is actually funded from the mortgage company, any one of these things can prevent you from getting final loan approval. 

Talk to your mortgage lender to see if they have any other items other than what I have listed above.  If you need real estate assistance, call me....Im at the HELM of it!