Getting a mortgage can be a long, confusing, and sometimes painful process. Residential Home Funding is here to help ensure that that isn’t always the case. Our goal is to make the process as simple and streamlined as possible for our borrowers.
Here are a few tips that can really help make the process go as smoothly as possible:
- Gather all required documentation so it is readily available when requested. Your loan officer will supply you with a list at the beginning of the transaction.
- Maintain your current employment status throughout the process. Don’t change from salary to commission, W-2 to 1099, etc.
- All of the money that will be used to close (down payment, closings costs, etc.) must be fully documented. Any large deposit must also be documented. It is best not to move money around too much, as that adds to the paperwork. Any gift must come from family or close friend, and needs proper documentation. Borrowed funds cannot be used to close, unless from your retirement account (subject to guidelines).
- Do not make any large purchases, or increase the balance(s) on your credit card(s).
- Do not dispute any accounts on your credit report, even if there is an error. Contact your loan officer to find out how to handle it.
- Keep in touch with your loan officer to communicate any changes to anything throughout the process. The earlier they know what is going on, the easier it will be to address anything that comes up.
- This may sound obvious, but make sure to continue to pay all of your bills on-time.
Following these tips, and heeding your loan officer’s guidance, will go a long way in ensuring that your mortgage process is an enjoyable one, and that your loan closes on-time.