As a buyer, one of the most stressful parts of the process is the LOAN APPROVAL…. Below are some steps you can take to insure an easy (er) closing
1. Insure you application is filled out COMPLETELY- that it is legible and correct. Even small errors can hold up the process
2. During the process, the lender will need to verify employment. If you know of any reason why your employer may be slow to respond, advise your loan officer ASAP
3. Your tax returns will be verified by the IRS. If you have filed any extensions or amendments, please let your loan officer know
4. If you already own a home, make all mortgage payments on time. Do not miss a payment because your closing is coming. Actually, make all payments for all outstanding debt on time. One missed/late payment can derail your loan process!
5. Do not make any large deposits to your accounts. ESPECIALLY CASH. Lenders do not want to see deposits that could be misconstrued as a LOAN. All monies coming & going will need a paper trail, explaining where they came from
6. Do not apply for any CREDIT CARDS, LOANS or make ANY LARGE PURCHASES with your credit cards!!!