Getting a loan is all about “proving” that you are a trustworthy and reliable borrower; that the bank will most likely receive your monthly payment on time.
To help increase your chances of getting a loan and at a good rate, I’ve put together list of Do’s and Don’ts.
Contact me if you have any questions or concerns.
Employment Don’ts
Do not change jobs.
Do not change compensation arrangements (i.e. salary to commission).
Do not change your bonus to a cash payment.
Do not go part-time.
Employment Do’s
Do disclose any cut back or furlough in hours.
Do tell your mortgage broker about any gaps in employment in the last 2 years.
Do tell your mortgage broker about any company name changes.
Funds/Bank Accounts Don’ts
Do not cross out your bank account numbers or any other information on your statements when submitting it to your mortgage advisor.
Do not move your money from account to account.
Do not accept gift funds without telling your mortgage advisor (even from a spouse or parent).
Do not accept “borrowed funds” without telling your mortgage advisor.
Do not borrow from credit cards without telling your mortgage advisor.
Do not deposit “cash.”
Do not borrow from 401k without telling your mortgage advisor.
Do not pay off a debt without telling your mortgage advisor.
Do not give us incomplete bank statements (if it says 4 pages we need 4 pages).
Funds/Bank Accounts Do’s
Do explain any other names that appear on your bank statement.
Do explain and document ANY and ALL deposits that are not your payroll.
Credit Don’ts:
Do not close out accounts.
Do not take out new accounts.
Do not add to debt.
Do not pay off debt without telling your mortgage advisor.
Do not pay off debt with borrowed money.
Do not borrow from 401k without telling your mortgage advisor.
Credit Do’s
Do disclose any new debts not on credit report.
Do disclose all properties owned (even in other states or other countries).
Do explain any inquiries into your credit. Your broker has to explain to the underwriter why someone ran your credit and if any new credit came from it.
Do explain all tax liens make sure that they are satisfied.
Do list all student loans that are deferred less than a year. You must have an extension, or they will be counted against you.
Do disclose child support.
Do disclose spousal support.