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.
I really appreciated the easiness and the openness of communication throughout the whole process. The willingness to answer questions and simply explain procedures without making us feel inferior in any way. It was a complete pleasure to work with your entire team.
We appreciate the level of communication we received. This was our first experience buying a home. It can be a very confusing process. We could ask anything without feeling any judgement that our questions were silly or stupid. And finally, we are thrilled that we were able to make this all happen.
Otto Kobler and his team treated us with Kid gloves, from the initial stage of the loan process through funding. All worked hard to find us the best interest rate and most beneficial terms. We highly recommend Otto, his team, and Summit Funding for all your business, residential, and personal loan needs.
As a first time home buyer, we had a lot of questions but those questions were answered in a very quick and timely manner. They were able to give us the best advice to make it a great experience as possible. Also Mary and her team were awesome in helping us be able to close early
Both Robyn and AnnMarie were awesome. I appreciated how AnnMarie kept us updated throughout the process. She was always clear with the timeline and responded to our questions in a knowledgeable, timely way. I wish I had more friends in Oregon to refer to you all!
Tom Merritt did it again! Tom made the entire process for my Client, a first-time home buyer, as smooth as possible. Tom consistently presents the entire Team with thorough communication concerning all of the items and processes along the way, and and he ALWAYS closes my clients on time.