How to Prevent Issues While Financing Your New Mortgage

There are things that you can do to prevent issues during the loan process. Please keep in mind your income, assets, and credit will be re-verified right before closing/funding.

Things to do
• Do notify us if your salary or compensation changes from when we started your loan application
• Do keep all accounts current (mortgage, car payments, credit cards, etc.)
• Do update us if you change address locations from the start of your original application
• Do keep documentation on any large deposits into your account: copies of checks, deposit slips, forms to liquidate assets to document forms of assets for the loan
• Do obtain homeowner’s insurance with minimum coverage equal to the amount of your total loan or replacement value of the house

Things NOT to do
• Don’t make cash deposits, transfer money between bank accounts or close out your current checking/savings account
• Don’t change jobs unless you consult with us first, be sure to stay in the same line of work for equal or higher pay
• Don’t apply for any new auto loans, credit cards, student loans, etc.
• Don’t co-sign with anyone to obtain credit during your loan process
• Don’t negotiate your purchase agreement with an allowance and expect to receive money at closing. An allowance can only be used to pay closing costs and/or prepaids

If you have any questions, we are here to help!

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Disclaimer:

The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Supreme Lending, and do not necessarily represent the views and opinions of Supreme Lending. In no way do I commit Supreme Lending to any position on any matter or issue without the express prior written consent of Supreme Lending’s Human Resources Department.