Saturday, September 6, 2014

Tips for a smooth Loan Approval and Closing

TIPS for a smooth loan approval and Closing

Here is a list of helpful tips to ensure an effortless loan process and on-time closing.  These “DO & DON’T” tips will help avoid any delay with your loan approval and closing your loan on time.

DO call us if you have any questions.
DO continue living at your current residence.
DO continue making your mortgage/rent/credit payments on time
DO make copies of all non-payroll checks that are deposited to your account during the loan process.
DO plan to provide updated pay stubs, bank statements, and other items requested after loan prequalification right up until the close.
DO let us know right away if you plan to use a gift.

DON’T apply for new credit (even if you are told you are pre-approved.) The best way to avoid this is don’t give your social security number to anyone (especially on line) until your loan is completely done & you have moved into your new home.

DON’T open a new credit card, take out any new loans, finance anything new, or co-sign for anything
DON’T join a new fitness club (they will most likely run your credit.)
DON’T make a major purchase (car, boat, fur, jewelry, etc.)
DON’T open a new cellular phone account (they run credit.)
DON’T pay off any loans, credit cards, or consolidate debt without discussing it with us
DON’T pay charge offs or collections (negative reporting) on your credit report without a discussion with us

Employment / Income:

DON’T change jobs. A verbal verification of employment will be done the day we close.          

Bank Accounts and money:

DON’T make any purchases that will lower the balance in your bank account.
DON’T deposit any cash into your bank account
DON’T open any new bank accounts
DON’T move/transfer money back and forth from different bank accounts
DON’T allow your balance to drop below what it was when you got prequalified
DON’T allow your checking account to have non-sufficient funds.

Before making an offer on a home:

All money used for your home purchase needs to have a paper trail. Make sure the earnest money and money required at closing comes from your own account you listed on your loan application.
Please call Southeast Mortgage at 770-279-0222 if you have ANY questions about this form.  A Licensed Mortgage Originator will explain the reasons these “Do’s and Don’ts” are very important.  We appreciate your business and are here to help your loan process go as smooth as possible.

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