1. Financing any type of out of the ordinary purchase. In fact, once you apply for your loan do NOT let anybody run your credit until AFTER closing. Your mortgage lender will re-pull credit before closing!
2. Changing Jobs. You must be on your current job long enough to show 30 days worth of pay history to get a loan in today's market.
3. Opening or closing old credit accounts. Similar to number 1, don't open new credit. But don't close anything either unless it is at the direction of the underwriter.
4. Moving funds between accounts or major withdrawals or deposits--all asset accounts and funds in those accounts must be verified.
5. Take your time gathering loan documents. Lending has gotten very restrictive so get your ducks in a row and submit all the paperwork your loan officer requests as quickly as possible.
6. Give incorrect information. Make sure the information you provide is accurate, list all your previous residences, jobs, landlords, etc.
7. Depositing gifts without consulting your loan officer. Or worse yet, CASH. Non-payroll deposits must be properly sourced.
8. Waiting until the last minute to convert stocks or mutual funds into liquid funds. Funds for closing will need to be documented in advance of closing.
9. Waiting until the last minute to deposit gift funds. Consult your loan officer, complete the steps he/she asks you to complete and get the funds into your account and ready for closing.
10. Waiting until the last minute to shop for home owner's insurance.
Rates are low, prices are down, call me to get pre-qualified and go buy a house!
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