Helpful Hints

All of the items below can greatly impact your ability to qualify for a home loan. Keep these helpful hints in mind until you close on your new home.

• Keep Copies of Everything. I Mean Everything!

  You will be required to submit several important documents with your home loan application. You should keep copies of all these documents for your records, and remember to include your return address on all mail correspondence.

• Including Your Bank Statements

  It is important to keep copies of all bank statements received from the time your loan application is submitted until your loan closes. Make sure you have the copies readily available because these statements may be needed throughout the loan process.

• Freeze! Keep Your Money Where It Is

  It is best to leave your money right where it is until your loan is closed. Moving your money to a new bank or even a new account can impact the loan verification process.

• Making Timely Payments Are A Good Idea

  It is important to make all payments on time. Your Loan Officer will advise you if it is necessary to pay off any bills to help you qualify for your loan. If paying off your bills is necessary, contact your lender for the best way to handle your payment.

• Be Patient! Avoid Large Purchases

  Many borrowers make the mistake of buying a new car, furniture, or other major purchases without realizing the impact it can have on their loan approval. A large monthly payment can affect the loan amount for which you qualify and, during the loan process, can make affect your existing loan approval. Be patient, the big tickets items will still be there after you purchase your new home.

• Wait It Out! Avoid Changing Jobs

  Changing your job shortly before or during the loan process can create a problem in qualifying you for a loan, particularly if the new job is a different position or in a different industry, if it is at a lower salary, or has a different compensation structure. Changing jobs can also create time delays because the new job will need to be verified. Contact your lender to discuss options prior to making any changes in your job.