Things to Consider When Applying for a Home Loan

      1. The Impact of Large Purchases
        Lenders looks carefully at the debt-to-income ratio and a large payment such as a car lease or purchase can greatly impact those ratios and possibly prevent you from qualifying for a home loan.  Additionally, the new purchase(s) of furniture or major appliances will increase your debt load, and could disqualify you from the loan or deplete your funds to close.

      2. The Impact of Moving Assets from One Bank Account to Another
        These transfers show up as new accounts and can complicate the application process, as you must then disclose and document the source of funds for each new account. 

      3. Make Sure to Let Us Know if You Change Jobs
        Your employment terms are an important aspect of qualifying for a home loan, if you change employers we will need to update your file to reflect the changes.   Additionally, a new job may involve a probation period which may need to be satisfied before income from the new job can be considered for qualifying purposes.

      4. Consult With Your Insurance Agent Soon
        Feel free to shop for the best home insurance rate you can get.  Just make sure you do it early during the process so your records can be updated in time for a smooth closing.

      5. Keep Financial Info Easy to Access
        Important paperwork such as W-2 forms, divorce decrees, Form DD-214, Certificate of Eligibility, tax returns, etc., should not be shipped with your household goods to your new residence. Duplicate copies sometimes take weeks to obtain which could delay the closing of your loan.

      6. Be extra vigilant paying bills on time
        If you are buying a home or refinancing a loan, make sure to be extra vigilant about paying all bills on time, even if you are disputing one.

      7. Responsiveness is Key
        You may be requested for documentation or information that you didn't necessarily need to provide the last time you received a home mortgage.  If your loan officer or loan processor requests supporting documentation in regards to your loan application, make sure to supply it in a timely manner.   Responsiveness can help insure a timely, smooth loan closing.  

 

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