Avoid Financing Problems
Time is of the essence when it comes to getting your loan processed, so it's important to provide your loan officer with any requested information or documentation as soon as possible to avoid costly delays. You should also follow these 8 tips to help avoid financing problems.
Assume that your credit will be re-pulled prior to closing.
Therefore, continue to make all your payments on time, do not have any inquiries into your credit, do not incur any additional debts (including increases in credit card balances), do not close any open accounts, transfer any balances or open any new charge cards. ANY changes in your credit profile can change your credit scores, which can result in higher rates, higher costs and/or invalidation of your loan approval.
Notify us if you plan on changing jobs or careers.
Your employment will be re-verified immediately prior to closing and any changes can cause invalidation of your loan approval.
During the processing of your loan, we may need to request additional documentation.
These requests might even come “at the last minute”. Therefore, do not pack or shred any financial papers prior to closing. This could include W2s, paystubs, bank statements, tax returns, paper trail of source of funds for deposits other than payroll, previous closing papers, divorce decrees, etc.
We will require proof of the source of any unusual deposits.
Virtually all deposits on your bank statements that are not from payroll will need to be “paper trailed” for acceptable source of funds. When in doubt, retain copies. “Cash on hand” is not an acceptable source of funds.
Notify us if you are receiving gift funds.
If you are using gift funds for closing, please contact us for documentation requirements.
Notify us if there are changes in your sales price, closing date or terms of your sale.
Do not assume that we know or that your Realtor will notify us.
Notify us if you desire an increase or decrease in your loan size or down payment.
We need to be notified as soon as possible in the process as changes may cause delays in closing.
Review the costs for which you are responsible.
Be sure to review your loan estimate for all the fees you’ll be responsible for paying.
For more information or questions about these tips, please contact us any time.