- Time is of the essence: Make sure to provide all requested information and/or documentation right away to avoid any delays in your mortgage process. This will help us discover and address any issues that may come up as early as possible.
- Assume that your credit will be re-pulled prior to closing: Remember that any changes in your credit profile can change your credit scores which may result in higher rates, higher costs and/or invalidation of your loan approval. Continue making all of your payments on time; make sure there aren’t any inquiries into your credit; avoid incurring any additional debts (including increases in credit card balances); avoid closing any open accounts, transferring any balances or opening any new charge cards.
- Notify us if you plan on changing jobs or have an opportunity for a career change: Your employment will be re-verified immediately prior to closing and any changes could cause issues with your loan approval.
- During the processing of your loan, we may need to request additional documentation: Sometimes, extra documentation is required at the last minute. It is best to avoid packing up or shredding any financial papers prior to closing.
- We will require proof of the source of any unusual deposits: Almost all deposits on your bank statements that are not from payroll will need to be ‘paper trailed’ for an acceptable source of funds. It is best to retain copies of all receipts; ‘cash on hand’ is not considered an acceptable source of funds.
- If gift funds will be used for closing, do not deposit the funds into your bank account: We will give you instructions and provide you with the necessary steps for receiving and documenting the gift funds.
- Notify us if there are any changes in your sales price, closing date or terms of your sale: We work directly with real estate agents, however you shouldn’t assume we know of these changes right away.
- Notify us if you desire an increase or decrease in your loan size or down payment: Due to disclosure laws, last minute changes may not be possible.
- Review the costs that you are responsible for: Remember that as the customer, you are responsible for all outside, up front and/or third party charges including: appraisals, trust reviews, condo questionnaires, subordination requests and appraisal field reviews.
Please don’t hesitate to contact your 1st Advantage Mortgage loan officer if you have any questions about your home financing.