Tips for a Smooth Loan Transaction

Tips for a Smooth Loan Transaction

Things you should DO to help ensure an effortless loan process:

 

DO….

  • Continue making your mortgage or rent payments as scheduled
  • Stay current on all existing credit accounts
  • Keep working at your current employer
  • Continue living at your current residence
  • Continue to keep your credit lines below 50% of their limits
  • Make sure to install a Smoke and CO2 alarm/detector before appraiser comes to inspect your home if refinancing
  • Remind your real estate agent to insure the home you are purchasing has a Smoke Alarm and CO2 detector installed before an appraiser comes to inspect the home, if not it could create delays and cost YOU money for appraiser to re-inspection
  • Make sure your hot water heater is double strapped in case of an earthquake. If purchasing a home, make sure this has been completed before an appraiser inspects the home
  • Purchases – provide escrow with vesting (how you intend to hold title) and Insurance
  • Purchases – make sure your Earnest Money Deposit (EMD) comes from your verified accounts
  • Make sure funds due to close come from verified accounts

DO NOT do these things or they can create delays with your loan approval:

 

DO NOT…

  • Apply or finance a major purchase of any kind (no matter how small you may think it is)
  • Apply for new credit cards (even if you think you are pre-approved or being offered “zero” interest)
  • Apply for new auto loan, refinance or new
  • Open a new credit card
  • Transfer any balances from one account to another
  • Pay off charge offs without a discussion with us first
  • Pay off collections without a discussion with us first
  • Close any credit card accounts
  • Change bank accounts
  • Max out or over charge on your credit card accounts
  • Consolidate your debt onto 1 or 2 credit cards
  • Finance any elective medical procedure
  • Open a new cellular phone account
  • Pay off any loans or credit cards without discussing it with us

 Call us if you have any questions or concerns, especially if any of the above changes!