Tips For Your Loan Application Process
Applying for a mortgage Loan? Here are some helpful tips to help make the process go smoothly.
Your credit, income and assets are verified after you submit your application, so following these tips throughout the entire loan process can be very important:
Please Be Sure To -
- Keep all accounts current such as mortgages, car loans and credit cards, even if an account is to be paid off at closing.
- Keep copies of all paycheck stubs and any statements of bills being paid off during or throughout the loan process.
Your Application Process May be Affected If You⒈ -
- Change employment unless it is in the same line of work and for equal or more income.
- Apply for credit or co-sign for others, which allows an additional inquiry to be made on your credit report.
- Make a major purchase, which may affect your credit or personal funds.
- Change bank accounts or transfer money within your existing bank accounts.
- Fail to properly document gift funds intended for use toward your closing costs.
⒈This list is only to be used as a guide and is not all-inclusive. Should events arise requiring changes to your credit, income or assets, your mortgage consultant can discuss how these changes may affect your loan application process.