Do's & Dont's.
Tips for a Smooth Loan Approval
Below are key items to do and to avoid during your home lending process. This list will help keep your loan on track and ensure an effortless home loan experience. Unsure if something will affect your loan approval? Just ask us! We have seen it all and can answer any of your questions.
- Immediately inform your Loan Officer if there are any changes in your employment, income, or assets.
- Continue living in your current residence.
- Continue making all mortgage or rent payments.
- Continue to make payments and stay current on all existing credit accounts.
- Be prepared with an explanation for any credit “blemishes” and recent credit inquiries.
- Research and select a preferred homeowner’s insurance provider.
- Make any major purchases or home improvements. (ie. auto, boat, appliances, furniture, pool)
- Apply for new credit or loans.
- Pay off any charge-off accounts, collections, loans, credit cards, or consolidate debt.
- Close any credit card accounts, max-out, or over-charge credit accounts.
- Change bank accounts of transfer balances from one account to another.
- Change the source of your “closing funds.”
- Deposit large amounts of cash into your own bank account without proper documentation.
We were happy to work with Carmel and Veronica again we have worked with them both in Moses Lake on our first home purchase years ago and we were happy with the services they provided to us then and again with our fourth home purchase. 😊 Thank you and Thank you to your team Noemi and Jose Rocha
Communication was always professional, speedy, and on-time. Availability on weekends and evenings was a major bonus as well. The Newton team was always looking out for the best ways to get us the lowest rate and close on time. They are a rockstar team!
Our only complaint is we made it clear from the beginning that we were going to put $50,000 down no matter what the closing costs were to try to bring our payment down, but the title company gave us a check for the difference instead of doing what we wanted.
Justin Fullmer and his entire team has been dynamic and pleasant to work with throughout my entire loan process. Has always keep me updated and informed each step of the way. All his team is friendly and professional which made the process go smoothly. Thanks again for all those involved.
Dave was the only broker (after working with 4 others in about 2 years) who bothered to figure out why we were getting denied and then to offer an alternative approach. Plus, personal attention from everyone in his team. And, I loved the video updates!
Team Dillon at Summit funding went above and beyond helping me with my loan. They got me a great rate for my refinance. They communicated with me weekly with updates on my loan process. I was really impressed with how hard they worked on my loan and I would definitely recommend them to my friends and family!