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.
For being a first time buyer, the process was incredibly smooth thanks to the team at Interlinc. They have been extremely helpful and have answered all my questions. Their communication through every process has given me a better understand of everything goes into buying a home. Liberty J
2024-06-03
Everything went great. Easy to work with. Answered all questions promptly. Great experience. Robert L
2024-06-03
Thank you to Paul, Amanda, and the rest of the team for making this process smooth and helping us feel comfortable during our first home buying process! Celeste M
2024-06-01
You all were awesome! Thank you! Elsbeth E
2024-05-31
Originally, I was hesitant to approach this process given my wavering mindset on where I stood in my journey to purchase a house after 8 years of renting. In talking with Paul initially, he provided sound guidance and confidence in his abilities to understand my needs, set goals, and deliver to outcomes. I am very appreciative of the effort that Paul and his team put forth to make this a successful process and get my family back into our first home ownership status in 8 years. James B
2024-05-24
We recently purchased our new home, and our loan officer Dominque Ellis was instrumental in making this process smooth and stress-free. From the very beginning, she exhibited an exceptional level of professionalism, expertise, and dedication.Dominique took the time to thoroughly explain every step of the loan process, ensuring we fully understood our options and felt confident in our decisions. She was always available to answer our questions, no matter how small, and responded promptly to emails and calls. This level of communication made us feel valued and supported throughout the entire journey.One of the standout aspects of working with Dominique was her attention to detail and proactive approach. She anticipated potential challenges and addressed them before they could become issues, which greatly expedited the closing process. Her deep knowledge of the mortgage industry and keen insight into our financial situation helped us secure the best possible terms for our loan.Furthermore, Dominique demonstrated genuine care and commitment to our family's needs, which went above and beyond our expectations. It was clear that she wasn’t just interested in closing a deal, but in helping us achieve our dream of our forever home.Thanks to Dominique, we are now enjoying our new home and couldn't be happier with the service we received. We highly recommend her to anyone in need of a mortgage professional. She is truly outstanding at what she does, and we are grateful for all her hard work. Crystal R
2024-05-22
You’ll were very helpful. If we had a question all we had to do was ask and you were quick to get back with us! Cheryl A
2024-05-16
Great experience! Aiden A
2024-05-13
You’ve all gone above and beyond for us especially in the short time frame we had to work within. I will be recommending you to everyone I hear talk about buying a house. Justin W
2024-05-13
Paul has been very thorough and quick to respond to all questions we had through the process. Great experience! Hayley E