Policies governing residential mortgage lending have changed. New restrictions, new requirements, and new procedures combine to create a lending landscape filled with potential perils and pitfalls. Knowing the rules will help you through the loan process by avoiding the common mistakes that can delay or deny your closing.
Most significantly, credit rating reviews are now done twice during every loan application. The first pull occurs at application and a second review is conducted just prior to closing to see if anything has changed. For a smooth loan transaction, it is in your best interest to learn these Ten Rules for Success.
1. YOU MUST disclose all debts and liabilities on your loan application.
2. YOU MUST NOT make large deposits without documentation of the paper trail.
3. YOU MUST NOT approve any inquiries of your credit rating.
4. YOU MUST keep your current bank accounts open and in good standing.
5. YOU MUST NOT buy furniture, a car, truck, motorcycle, boat, or RV.
6. YOU MUST NOT use your credit cards excessively or fall behind on payments.
7. YOU MUST NOT spend the money you set aside for closing.
8. YOU MUST NOT change jobs, quit your job, reduce your salary, or become self-employed.
9. YOU MUST NOT co-sign a loan for someone else.
10. YOU MUST alert your loan officer prior to any change in your financial condition.
At Mission Mortgage of Texas, we’ve completed enough mortgages over the past 25 years to know what causes delays at the closing table. Our goal is the same as the borrower’s goal, so it is in our best interest to prepare our clients for what lies ahead in the process. We believe that learning these Ten Rules For Success will give you your best chance for a smooth transaction.
If you have questions about the mortgage process or are ready to speak with someone about your next home loan, please call Mission Mortgage at 512.328.0400 or email us at email@example.com. We’ve proudly provided professional lending solutions for over 25 years and we’d love to help you next.
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