If you are considering purchasing a home now or in the future , here is some useful information that will  make applying for a mortgage smoother.

Before searching for your new home, you should always get a pre approval letter.   This helps you know exactly what price range you should be looking in and when you find that home you will be able to present the pre approval letter with your offer.  The RED Team is always here to help connect you with an experienced Loan Officer that will be able to provide you with all the information you need.

Choose a Loan Officer/ mortgage company that offers a simple, streamlined process that helps you obtain your mortgage as efficiently as possible.  One that has the tools to make the loan application process as convenient for you as possible.  Maybe applying  online and uploading your documents electronically is how you would like to apply or maybe you prefer to meet with a Loan Officer in person. An experienced loan professionals will be happy to go over the details of your loan in person.

Our friend Robin Turney with AMC Mortage has provided the list of Do’s & Don’ts.

DO

 Keep All Records in Good Order.

Availability – Keep your financial records

close at hand in case updates are

requested.

Income – Be aware that underwriters

typically verify your income and tax

documents through your employer(s), CPA,

and/or IRS tax transcripts. Hold onto new

pay stubs as received.

Assets – Continue saving incoming account

statements. Keep all numbered pages of

each statement. Ex. 8 of 8.

Gifts – If you’re receiving any gift money

from relatives, they’ll need to sign a gift

letter (we’ll provide) and an account

statement evidencing the source, which

must be “seasoned” funds.

Current Residence – If you’re renting,

continue paying your rent on time and save

proof of payment. If you’re selling your

current residence, be prepared to show

your HUD-1 Settlement Statement. If you’ll

be renting your home, you may need to

show sufficient equity, a lease and receipt

of the first month’s rent and security

deposit.

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.

Understand that things have changed.

Underwriters require more documentation

than in the past. Even if requests seem silly,

intrusive or unnecessary, please remember

that if they didn’t need it, they wouldn’t ask.

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 me first.

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.

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.

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.

Ever be afraid to ask questions – If you’re

uncertain about what you need or what you

should do, I’m here to help you through

the process, even long before you intend

to buy.

 

 

amcmtg.com
NMLS# 1058419
Robin Turney

Loan Officer

NMLS # 414224

Cell: (405) 514-4118
Fax: (405) 594-8500
rturney@amcmtg.com
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