Facts for a Smooth Loan Process
During the loan process, there are a few key DONT’S that borrowers should always follow. Some include:
- DON’T change your current job without letting the lender know – this may affect your eligibility.
- DON’T make any major purchases (such as a car or furniture) prior to closing – this may impact your qualification ratios.
- DON’T deposit sums of money over $500 without telling your loan officer – this may call for a verification of deposit (VOD) to document where these funds came from.
- DON’T open or close or transfer any asset accounts without making sure what proper documentation is required.
- DON’T open any new liabilities or increase any liabilities lines, including credit cards, signature loans, etc., during the loan process. Always let the loan officer know prior to doing this to make sure that it will not negatively affect your qualifying ratios and if there is any documentation needed.
Maria Bertella Mortgage Consultant
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