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Five Don'ts While Your Loan's in Processing

May 7th, 2014 | Your Loan in Processing

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FIVE DONT’S WHILE YOUR LOAN IS BEING PROCESSED
 

DON’T change Jobs/Employment without inquiring about the impact it would have on the approval of your home mortgage.

DON’T make Major Purchases during or prior to closing the loan. New Car, furniture, appliances, electronics etc may impact your Debt to Income (DTI) qualification ratios.

DON’T obtain and/or deposit sums of money over $500 without notifying the mortgage company. Guidelines require documentation as to the source of the funds. (Copy of tax return, copy of insurance settlement, copy of bonus check, copy of check and deposit slips and gift letter).

DON’T open or increase any liabilities, including credit cards, signature and co-sign loans etc. during the loan process. Please check with the mortgage company for any documentation that will be required and the impact on your qualification ratios.

DON’T close, open or transfer any asset accounts without inquiring for the proper documentation for your loan file. Example, you transfer funds from your stock account to your savings account, documentation is required.

 

 

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