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What to Do, and Not Do, When Applying for a Mortgage
Net Admin • July 17, 2019
Applying for a mortgage can be a very exciting and stressful time. If you’re not quite sure where begin, you’re not alone. Don’t miss these tips designed to help you avoid unnecessary hurdles as you prepare to purchase your piece of the American Dream.
What to Do
Keep originals and all pages of pay-stubs, bank statements and other important financial documentation. Universal Lending is required to update any documents that are more than 90 days old prior to the closing of your mortgage loan. (This is required even if your loan is approved.)Provide all documentation for the sale of your current home, including sales contract, closing statement, employer relocation/buy-out program if applicable.Notify your Loan Officer if you plan to receive gift funds for closing costs.Notify your Loan Officer of any employment changes such as change of employer, recent raise/promotion, transfer, change of pay status (for example salary to commission).
Make timely payment on all current debt obligations , including any current mortgage or rent, car, student loan, or credit cards.
What Not to Do
Change jobs/employer without inquiring about the impact this change might have on the approval of your loan.Make major purchases during or prior to closing, such as a new car, furniture, appliances, etc., as this may impact your qualification ratios.Obtain and/or deposit unusually large sums of money without notifying your Loan Officer. Many loan guidelines require full documentation as to the source of these funds.Close or open or transfer any asset accounts without asking your Loan Officer about the proper documentation required for your loan file, e.g., transferring retirement funds or funds from the sale of stocks into your checking or savings account.
Open or increase any liabilities, including credit cards, signature loans or other credit lines during the loan process as it may impact your qualifying ratios.
It’s that simple. If you can stick to the do’s and avoid the don’ts we’ve listed here, you’ll be well on your way to securing your home loan.
Ready to speak to an experienced Colorado mortgage loan officer? Contact us today!
Brett is a native to Colorado, being born and raised in the Denver Metro Area. Growing up, he learned the value of financial responsibility and gravitated toward an industry that allows him to counsel and coach clients about financial goals as it relates to Real Estate. Brett joined the lending industry in 2003. Throughout his career he has helped many families achieve their goals and dreams of home ownership. From First Time Home Buyers to Real Estate Investors, Brett has the knowledge and experience to tailor loans to your unique and specific situation. Working with Brett and Prosper Mortgage Group, LLC, you can rest assured your loan is in great hands with professionals that deal with this daily. Customer service, honesty, and integrity have set him apart from his competition while keeping his focus on the Clients’ best interest, determining the best possible loan for each individual situation, & helping them achieve their goals and dreams of homeownership! Through these principals, Brett has built a very successful career basing much of his business on the referrals of past clients as well as the Real Estate Professionals that he works with. Brett relies on personal responsibility, accountability, and mental toughness in his daily life and is a huge advocate of the 75 Hard / Live Hard program as well as personal development. NMLS 253202 CO MLO 100015587 Prosper Mortgage Group, LLC NMLS 2490880 Equal Housing Lender Inside Westminster is proudly sponsored by: Prosper Mortgage Group—helping you Own Your Future. NMLS #2490880 | Equal Housing Lender I 303.668.5891 I www.prospermortgagegroup.com Westminster Chamber 303.961.5975 www.westminsterchamber.biz
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