Charlotte NC Real Estate Blog Tips when applying for a Mortgage

Here are a few quick tips to make your home loan approval even easier: Do not apply for any new credit Do not make any larges purchases with existing credit Do not open any new credit cards Do not make late payments Do not move substantial amounts of assets funds among your accounts during the loan process Do not change employment or job positions during the loan process and before closing on your home (employment verification can be done the day of closing before funds are transferred). It is important that you do not make any changes to your financial profile: Five days prior to your closing the lender is required to pull a "credit refresh" report. This action will not have any impact on your credit scores but will tell us if you have applied for any new credit or created any new or increased any debt. It is possible that any changes to your credit profile could impact your ability to close on your loan. Lenders are required to document any large or unusual deposits into your bank accounts. Be careful if moving assets or making changes. Whatever you do creates a paper trail for us to follow. Do not move money Document any cash deposits with photocopy the check and deposit slip. Any deposits other than paychecks can be reviewed by an underwriter, especially if they are over $1000. Please keep really good records and receipts while we are working on your home loan in case the Underwriter needs any information. Be sure to let your lender know immediately if there have been any material changes in your overall financial status, job changes, income or asset changes, anything you can think of that may have an impact on your mortgage application.We are partners in this process; and a key to a successful closing is open communication If you ever have questions about whether something will jeopardize your loan process; always as your mortgage professional It's better to be safe than sorry The above information was provided by Jenny Stoner at Fairway Independent Mortgage. Jenny can be reached at JStoner@Fairwaync.com or 704-777-1127.