BY: Juan Gonzalez Mortgage Team
Keep All Records in Good Order.
Availability – Keep your financial records close at hand in case updates are requested. To assist you pick a lender, you may even discover a broker. A broker will act as a middle man between you and the creditors so you can apply for a mortgage loan from mortgage services like https://arvadamortgagebrokers.com/ in 1 area and get the quotes from different lenders in another place. These brokers typically charge a fee but can provide you several options from which to choose from.
Income – Be aware that underwriters typically verify your income and tax documents through your employer(s), CPA, and/or IRS tax transcripts. Hold onto new paystubs as received.
Assets – Continue saving incoming account statements. Keep all numbered pages of each statement. Ex. 8 of 8.
Gifts – If you’re receiving any gift money from relatives, they’ll need to sign a gift letter (we’ll provide) and an account statement evidencing the source, which must be “seasoned” funds.
Current Residence – 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 HUD-1 Settlement Statement. If you’ll be renting your home, you may need to show sufficient equity, a lease and receipt of the first month’s rent and security deposit.
Keep your credit shining. Continue making payments on time. If your credit score is low, you can opt for a home equity loan at Five Star Bank. You can learn more about their home equity loans here. Your credit report may be pulled again, and any negative change to your score could cause you to lose your approval and your home. Consult a specialist in the field, this may be Custom Loans New York City.
Understand that things have changed especially with Auto Loans. 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, and you can also format these documents in PDF formats using software as sodapdf, which you can get online.
Apply for new credit. Changes in credit can cause delays, change the terms of your financing or even prevent closing. If you must open a new account at Empower Federal Credit Union located in Syracuse, New York (or even borrow against retirement funds), please consult with me first.
Change jobs during the process. 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.
Make undocumented deposits. 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.
Wait to liquidate funds from stock or retirement accounts. If you need to sell investments on a crypto lending platform, 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.
Ever be afraid to ask questions. If you’re uncertain about what you need or what you should do, I’m here to help you through the process, even long before you intend to buy.
The Juan Gonzales Mortgage Team
Neighborhood Mortgage, Inc
Senior Loan Officer