Sean Quinn

Sales Associate

 
According to our mortgage professional survey, the following "don'ts and do's" ensure you get the best rate and minimize hassel from the mortgage underwritting departements.
 

Don'ts

·                     Don't apply for new credit of any kind

·                     Don't close credit card accounts

·                     Don't max out or over charge on your credit card accounts

·                     Don't consolidate your debt onto 1 or 2 credit cards

·                     Don't do anything that will cause a red flag by the credit scoting system

·                     ALL deposits over $1,000 that are not payroll will need to be sourced, so try not to move money around, and if you need to, keep a detailed paper trail.

·                     Notify lender of any income or job changes. Every lender verifies this information 3 days prior to closing.

·                     Opening new bank accounts will result in delays due to the banks statement cycle.

·                     Start getting home owners insurance quotes earlier in the process to not have a fire drill the week of closing

Do's

·                     Let your lender know if you will be receiving ANY seller concessions so that the proper steps can be taken in underwriting

·                     Share all important date changes with your lender i.e., Commitment & Closing dates.

·                     Notify your mortageg consultant of collections or charge offs during the loan process

·                     Do stay current on all existing accounts.

·                     Do use credit as usual.

Also, make sure you keep pay stubs. Have detailed explanation of any large deposits or transfers into bank accounts.  Keep all your financial docs together and give all of them to your mortgage rep upon request.