Do's and Don'ts of Getting a Home Loan ( What You Want To Know Wednesdays )

Confirming that the loan you are acquiring is right for you can be an in depth process, to make sure there are no unnecessary hold ups keep the following tips in mind.

Do’s:

1. Document large deposits or withdrawals with receipts and bank statements ($300 or more.)
2. Limit the number of transfers of funds from institution to institution and keep clear records of transfers.
3. Limit the number of credit inquiries during the loan process.
4. Consider minimizing spending that might affect your credit score or your income to debt ratios.
5. Make timely payments on existing accounts and financial obligations.
6. Respond to questions upon request.
7. Submit necessary information upon request.
8. Notify us if you leave town.
9. Provide the most current and accurate information on all your documents and paperwork.
10. Contact your insurance agency if your loan process requires applying for a new or revised insurance policy.
11. Do refer us to your friends, family, and co-workers.

Don’ts:

1. Make changes to your income or employment during your loan process.
2. Refrain from making “big-ticket” purchases during your loan process, these include; boats, trailers, motorhomes, and large purchases.
3. Provide access to your social security number to anyone other than those involved in your loan process.
4. Make any major financial decisions without consulting a member of your loan team while your loan is in process.
5. Co-sign for anyone.
6. Make any unexplained large deposits into your bank account.

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.