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The Do's & Don'ts When Applying For A Home Loan

March 28, 2019

 

THE DON'TS

 

DON'T 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 (or even borrow against retirement funds) please consult with an real estate agent and a lending service first.

 

DON’T 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

 

DON’T 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.

 

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 ever be afraid to ask questions

If you are uncertain about what you need or what you should do, We are here to help you through the process, even long before you intend to buy

 

 

 

 

 

THE DO’S

 

DO Keep All Records In Good Order

 

DO Availability

Keep Your financial records close at hand in case updates are required

 

DO income

Be aware that underwriters typically verify your income and tax documents through your employer(s), CPS, and/or IRS tax transcripts. Hold onto new pay stubs as received.

DO ASSETS

Continue saving incoming account statements. Keep all numbered pages of each statement. Ex. 8 of 8

 

DO Gifts

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.

 

 

DO keep your credit shining

Continue making payments on time. Your credit report may be pulled again, and any negative change to your score could cause you to lose your approval and your home.

 

DO Current Residence

If you are renting, continue paying your rent on time and save proof of payment. If you are selling your current residence, be prepared to show your Closing Disclosure. If you will be renting your home you may need to show sufficient equity a lease and receipt of the first month’s rent and security deposit.

 

DO Understand that things have changed

Underwriters require more documentation that in the past. Even if requests seem silly, intrusive or unnecessary, please remember that if they didn’t need it, they wouldn’t ask.

 

 

If you are uncertain about anything in the home buying process, we are here to answer any questions you may have and guide you on the right path of your home purchasing journey.

 

 

 

Tom & Darlene Trieste

Broker & Broker Associate

 

Office: 727-799-2200

Cell: 727-804-4887 / 727-542-6631

ttrieste@aol.com   bellyhu@tampabay.rr.com

 

 

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