To help avoid delays with your loan approval, below is a list of tips that will help you avoid the more common pitfalls during the loan process.
Do's
Check your email and voicemail for regular updates from our team, and respond quickly to our requests for information to avoid delays in the process.
Keep your financial records close at hand in case updates are requested.
Understand that things have changed. Underwriters require more documentation than in the past. Even if requests seem silly, intrusive or unnecessary, please remember that if they didn't need it, they wouldn't ask.
Hold onto new paystubs as received. Be aware that underwriters typically verify your income and tax documents through your employer(s) and/or IRS tax transcripts.
Let us know immediately if your income changes in any way.
Let us know immediately if you have been laid off as this may affect your loan approval.
Continue saving incoming account statements. Keep all numbered pages of each statement, even if a page is blank
Provide documentation for any non-payroll deposits.
Let us know if you plan to receive gift funds for your closing. If you're receiving any gift money from relatives, they'll need to sign a gift letter and an account statement evidencing the source, which must be "seasoned" funds.
If you're renting, continue paying your rent on time and save proof of payment.
If you're selling your current residence, be prepared to show your Final Closing Disclosure (Final CD).
If you'll be renting your home, be prepared to show sufficient equity, a lease and receipt of the first month’s rent and security deposit.
Keep your credit shining by continuing to make payments on-time. Your credit is monitored throughout the process, and any negative change to your score could cause you to lose your approval.
Notify us immediately if you receive a collection letter in the mail.
Let us know if you will be out of town for your closing.
Call us -- we are here to help you throughout the process!
Dont's
Don't ever be afraid to ask questions. If you're uncertain about what you need or what you should do, our team is here to help you through the process, even long before you intend to buy.
Don't increase your debt or make any major purchases on credit.
Don't make any major purchases (furniture, car, boat, jewelry) during the process.
Don't apply for any new credit, transfer card balances or close any credit card accounts. Changes in credit can cause delays, change the terms of your financing or even prevent closing. If you must open a new account (or even borrow against retirement funds), please consult with our team first.
Don't payoff any charge offs or collections unless instructed by us prior to your closing.
Don't take out any new loan or lease.
Don't let anyone pull or check your credit until after your close on your mortgage. Credit inquiries are monitored and will require explanation.
Don't co-sign for anyone.
Don't change banks, or open/close any bank accounts.
Don't make any unusual or undocumented bank deposits, or transfer unexplainable monies from accounts (payroll deposits are explainable). Primarily large but sometimes even small deposits must be sourced unless they are identified. Make copies of checks and deposit slips. Keep your deposits separate and small. Avoid depositing cash and will not be considered available funds.
Don't wait to liquidate funds from stock or retirement accounts. If you need to sell investments, do it now and document the transaction. Don't take the risk that the market could move against you leaving you short of funds to close.
Don't change employers or your employment status during the process without notifying us. Probationary periods, career or even status changes (such as from a salaried to a commissioned position, leave of absence or new bonus structure) can be subject to very strict rules. Our Underwriters will verbally verify your employment on the day of closing.
Erik is so down to earth, easy to work with and very
responsive to texts and phone calls. The real estate business in a
"busy" business, but Erik always found time to find solutions and
communicate with my clients and with myself. Definitely will continue to do
business with him again.
Melissa S M
2024-01-16
Scott was the reason I went with this company. He was always reachable, very knowledgeable and knew the market and provided great updates on what to expect.
Julie S
2024-01-15
Billy does a great job and does an excellent job communicating.
Noe G M
2024-01-11
I just liked a great job!
Raonel G B
2024-01-10
Very professional team - great job!
Thomas J B
2024-01-10
Todo perfecto!
Reinier T
2024-01-09
Good loan officer! Always helping us out with any questions!
Julian A J
2024-01-08
Scott is the only lender we will use. He is on top of everything and makes the process so smooth and stress-free. He goes above and beyond during the buying process and beyond that he reached out during birthdays and special events. We have learned through watching the people currently buying our house that not all lenders are like that. We appreciate Scott and his team so much!
Amber B
2024-01-08
None. Everything went smoothly!
John M
2024-01-08
Scott and his team were great to work with; any questions I had about my client were answered in a timely matter.