We know what your lender is looking for. And we want to present your documentation with those facts in mind, to help strengthen your loan application.
Once you apply for your mortgage, think “snapshot” Your lender essentially “takes a picture” of your financial status.
If anything in that picture changes during the loan approval process, it can wave a red flag, causing delays or may even prevent you from getting the loan!
You have questions, we have answers. We are here for your every step of the way!
Follow These Tips to Avoid Any Closing Delays:
AVOID applying for more credit:
Too much activity could lower your credit score and or increase your debt-to-income ratio enough to increase your rate, or even affect loan approval.
AVOID changing jobs, if possible:
We will need to notify your lender of any new job, new position, or income changes that occur after you apply.
AVOID closing any accounts:
While it may make sense at some point to pay off your credit card debt, closing an account during loan approval actually lowers your score since you will have less available credit.
AVOID making any out-of-the- norm deposits or withdraws:
The paper trail is key! We will help you determine the best way to approach this, should it become an issue.
AVOID paying off an old collection:
Instead of helping your credit score, paying off an old bill could actually do just the opposite. Any changes, even those that sound great, will raise a red flag by pushing that collection notice to the top of your report!
Call us today!
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