Secrets To A Successful Mortgage Transaction

Communicate
Frequent communication with your lender during the loan process is critical.  It is extremely important to communicate any significant changes in your life, such as job changes, new car purchases and changes to your sales price, etc.

Homeowner’s Insurance
Failure to secure Homeowner’s Insurance in advance of closing is a leading cause of delays in the mortgage process.  Insurance should be secured at least 30 days prior to your scheduled closing date. 

Changing jobs
Your income is a crucial part of the puzzle when determining your ability to repay the loan.  The underwriter looks at the stability of your job and should you change jobs during the loan process, it potentially could create some instability in your loan profile.  Contact your Loan Officer prior to making any career changes.

Debt
Paying off debt may sound like the right thing to do, but the additional liquid assets you have may have been a determining factor in your loan approval.  Contact your Loan Officer before making any significant changes to your debt structure.  Also avoid allowing payments to be late between now and closing.

Provide Documentation When Requested
Any delay in receiving requested information may postpone the approval and closing process.  Provide all requested information in a timely manner.

Large Purchases
Your debts and cash reserves have already been assessed.  Any changes to these could jeopardize your approval.  Contact your Loan Officer prior to making any significant purchases.

Avoid making moving plans too tight
Try to allow a 5-7 day overlap between closing date and move date.  If the closing date is moved for any reason, unbudgeted expenses could occur.