Tulsa Mortgage Banker Offers Do’s and Don’ts of Getting a Home Loan
AmeriPro Funding mortgage banker, Don Conwell, shares his expert advice on the best practices in the home buying process.
The following are the Do’s and Don’ts of getting a home loan:
• DO keep originals of all pay stubs, bank statements, and other important financial documentation.
• DO notify your lender if your address changes from what appears on your original loan application. They will complete rental and mortgage verification for all of your residences within the last two years.
• DO notify your loan officer if you plan to receive gift funds.
• DO notify your loan officer of any employment changes (i.e., change of employer; recent raise/promotion; change of pay status; such as salary to commission, etc.)
• DO contact your loan officer if there is a major change in a monthly credit bill (i.e., sold a vehicle, paid off a large credit card or installment loan, etc.)
• DO inform your loan office in advance of any long term or out of country travel plans that may occur during your closing.
• DON’T acquire any additional lines of credit or make any large purchases on existing credit without first consulting your loan officer. As examples, purchasing a new car or new appliances for your new home may negatively change your debt-to-income ratio (DTI). Please talk with your loan officer to calculate what your new ratios would be with any added debt.
• DON'T change jobs without consulting your loan officer. A change in compensation could affect your ability to qualify. Borrowers must have a two-year history of bonuses and/or commissions to be counted as income. As a quality control check, lenders may verify employment on the day of closing.
• DON'T co-sign with anyone to obtain a line of credit or make a purchase. The payment will show up on your credit report as an additional debt.
• DON'T negotiate your contract with an allowance and expect to get money back at closing. An allowance can be used to pay closing costs and/or pre-paids.
• DON'T deposit money that the source cannot be documented without notifying your loan officer. If you have made a large deposit your should notify your loan officer and keep documentation. A “paper trail” - copies of checks, deposit slips, loan paperwork, forms to liquidate assets, etc. - is a must have to explain the deposits.
AmeriPro Funding is an award-winning Tulsa mortgage company dedicated to providing expert home loan advice and an exceptional experience.
For more information on AmeriPro Funding, visit DonConwell.com
Company Name: AmeriPro Funding Contact Person: Deedra Determan Email: Deedra@d2branding.com Phone: 918-520-8012 Address:1609 South Boston Ave Suite 200 City: Tulsa State: OK Country: United States Website: www.donconwell.com