Do provide your Earnest Money deposit, made out to the title company, from your own personal bank account or acceptable gift funds. Establish a line of communication with your loan officer or loan originator for clarification on all matters pertaining to your loan. Most delays arise from a lack of clarity between the Buyer and the loan officer – don’t assume anything!
Do keep all documentation for the sale of your current home readily available, including the sales contract, the closing statement provided by the closing agency/title company, employment relocation/buy-out program documents (if applicable)
Do notify your loan officer or company if you are planning to receive gift funds. They are acceptable only if certain criteria are met. Advances from credit cards for down payment and or closing costs are never acceptable.
Do be aware that a new credit report will most likely be pulled just before closing, so continue to pay all bills in a timely and responsible manner so as not to impact your credit score adversely
Do notify your loan officer of any employment changes such as a recent raise, promotion, transfer or any changes in your salary or commission structure.
Do keep originals or be able to access all bank statements, pay-stubs and other important financial documents
Do keep your real estate agent informed of any changes in what it is you are looking for in the home you hope to buy as soon as possible. This will save you time and fine-tune the focus on those houses that best meet your needs.
Do let your agent know if you hear of anyone else who might be interested in buying or selling a home. All Premiere Team Agents appreciate referrals and strive to meet and exceed their clients expectations. We want you to be very pleased with the service we provide. If we can do more, please contact management. We will do everything within our power to oblige you.
Don’t open any additional accounts for credit without first speaking to your loan officer. Likewise, do not make any money transfers between accounts without the knowledge and approval of your loan officer.
Don’t make any deposits outside of your automated payroll deposits, especially cash that may have come from the sale of personal property, e.g. Garage Sales, without notifying your loan officer. Many lender guidelines require substantial documentation as to the source of cash deposits.
Don’t change jobs or employers without determining what, if any, impact this might have on the approval of your loan.
Don’t make major purchases of any kind prior to closing the purchase of your home; such as, an automobile, new furniture or appliances, etc. Purchases such as these negatively skew your income/debt ratios and often disqualify an otherwise qualified and previously approved buyer.
Don’t increase or initiate any new liabilities including student loans, credit cards, insurance premiums, etc. during the loan process as any action of that kind may keep you from qualifying to close on the purchase of a home.
Don’t forget to tell your family and friends about the great service you received from your Premiere Team Agent, and if for any reason it was less than great, please tell our management staff. If we make a mistake, we want to learn from the experience; only then, can we continue to improve
For additional Do’s and Do Not’s contact a local expert Mortgage Officer – Michelle Alberts, Senior Loan Officer with Supreme Lending