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Are You Applying For A Mortgage?

Here’s A List of What To Do and What NOT To Do!

If you are currently applying for a mortgage, then you may already know that there are several steps that you can take to help expedite the process. But you may not realize that there are certain routine financial activities that can actually work against you. Maura Klein, with NFM Lending, has been a residential loan originator in Florida since 1991.  Maura has developed an informative checklist that clearly outlines what you should do and what you should not do when applying for a mortgage.

What To Do:

  • Keep your information on-hand and organized. You’ll need to find original pay stubs, bank statements and other important financial documents.
  • Provide earnest money deposit from your own personal bank account or gift funds. Gift funds are acceptable but only if certain criteria are met; cash gift funds require a lengthy documentation process. For additional clarification, please contact your loan originator to ensure that this aspect is being handled properly or your loan may be denied.
  • Selling your current home? You’ll need to provide all of the documentation from the sale, including the sales contract, closing statement, employer relocation information if applicable and more.
  • Employment changes such as recent raise, promotion, transfer, change of pay status (salary to commission). Make sure to let your loan originator know if any of these changes occur as they could be different from the information that was originally pulled for your loan.
  • Be aware that your credit may be pulled again just prior to closing, when a new credit report may be generated.

What NOT To Do:

  • Don’t close or open bank accounts, or transfer any funds between accounts without talking to your loan originator about the documentation that will be needed for your loan.
  • Do not deposit any money outside of your automated payroll deposits, especially cash or sale of personal property, without notifying your loan originator. There are many specific guidelines in place that require substantial documentation to verify the source of these deposits.
  • Do not change jobs, employer, or employment. These changes will impact your loan qualification.
  • Do not make major purchases prior to or during your contract. This even includes: buying a car, appliances, furniture, etc. as they may impact your loan qualifications.
  • Do not open or increase any credit cards, student loans, liabilities or any other lines of credit during the loan process. These new debts will impact your loan approval process.

Maura Klein can be reached directly at 941-981-2322 or mklein@nfmlending.com and would be happy to answer your questions about the loan process, or meet with you in person to discuss your loan options. If you are or will be in the market to buy or sell your home, please contact us at info@dickandkarla.com.  We can help with your move –  anywhere in the United States!

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