Applying for a mortgage loan? Here are some helpful tips to help make the process go smoothly.
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Your credit, income and assets are verified after you submit your application, so following these tips throughout the entire loan process can be very important:
Please Be Sure To —
- Keep all accounts current such as mortgages, car loans and credit cards, even if an account is to be paid off at closing.
- Keep copies of all paycheck stubs and any statements of bills being paid off during or throughout the loan process.
Your Application Process May Be Affected If You¹ —
- Change employment unless it is in the same line of work and for equal or more income.
- Apply for credit or co-sign for others, which allows an additional inquiry to be made on your credit report.
- Make a major purchase, which may affect your credit or personal funds.
- Change bank accounts or transfer money within your existing bank accounts.
- Fail to properly document gift funds intended for use toward your closing costs.
1. This list is only to be used as a guide and is not all-inclusive. Should events arise requiring changes to
your credit, income or assets, your mortgage consultant can discuss how these changes may affect your loan application process.