The more your mortgage consultant knows upfront the smoother your loan process will go.
- Gift Funds-Contact your mortgage consultant prior to receiving or depositing gift funds into your account
- All Deposits-All large deposits (cash, checks, etc), all money transfers between accounts are required to be documented.
- A cash advance from a credit card is not an acceptable source of money for your earnest money deposit or for your closing costs.
- Do not transfer funds between accounts before or during the application process. This may result in needing additional assets documentation to source the funds in your accounts.
- To process a loan it’s important your consultant have an accurate representation of your financial obligations so they can determine if you qualify for a loan.
- Disclose all reoccurring monthly payments to your mortgage consultant (child support, alimony, retirement account loans, employer loans, etc.)
- Continue to make all of your monthly payments on time.
- Do not payoff and close any credit accounts without talking to your mortgage consultant. Closing an account may adversely affect your credit qualifications.
- Do not open any new accounts
- Do not run any new credit inquiries
- Do not charge any large amounts on your credit cards
- DO NOT change jobs prior to talking to your mortgage consultant to see how this may affect your mortgage approval.
- Contact your mortgage consultant immediately with any employment changes: being laid off, furloughs, active duty, taking an extended leave of absence, a pay increase, pay change-hourly to salary, salary to commission, etc.