Tips to ensure a smooth mortgage experience
- Obtain a list of required documents from your loan agent: This is super critical to help your loan officer to present your application in a complete manner, and get you the best rate. Depending on the loan program the list of necessary documents will vary.
- DO NOT open a new credit card or new credit line during the process: It can be tempting to get an additional 10% off from opening a new store credit card while we shop at the store. However this will stop or slow the process as a lender requires the complete terms, conditions and a new statements to show monthly obligation after applying for a new credit line as they may not show up on the credit report. This also applies to a new installment loan, such as automobiles, jewelry, appliances and etc.
- Hold off job hunting until after the completion of a purchase or refinance: The lender verifies employment right before funding (sometimes the day of funding the loan). Having a new employer can cause a speedbump at the end of the process.
- Document all the details of large deposits into your bank account: If you make any large deposits, make sure to keep all the paperwork related with the deposit. For example, a copy of the check (front and back) or a signed gift letter for gift funds with donor’s bank statement etc.
- Solar panel contracts: It is common to purchase or refinance a home with an existing solar panel financing program. Lenders will verify monthly payments regardless of purchasing or refinancing.
It is very beneficial to work with a seasoned mortgage professional like me when you are in the market to purchase or refinance. Buying a home is often one of the largest purchases we have in our life. If you are looking to refinance your property, the process can feel daunting and overwhelming. Working with a loan officer who can take your transaction from the beginning to closing helps to make this process stress-free. Call me today @ 925-216-3618.
