Home buyers are often not aware of how a transaction such as opening a new credit card account or moving cash from one bank to another, during the mortgage process can complicate a mortgage transaction. Here are a few helpful tips from a top ranked mortgage lender*, to ensure a smooth mortgage transaction:
Movement of Cash Savings: Lenders must verify all funds for closing, including the source of those funds. Moving assets around can create unnecessary work. Be sure to consult your Loan Officer or Processor before moving any funds.
Keep Financial Papers Handy: Keep all pages of your tax returns, along with an W-2’s, 1099’s or K-1’s and any other financial papers from the past two years in a handy place. Try to have your (HUD-1) settlement available, if you sold a home in the past two years.
Large Deposits: Lenders must verify all sources of funds for a mortgage transaction, and will be looking at any large deposits into your asset accounts (checking, savings, money market, etc.). Be prepared to document the source such as a copy of the paycheck, bonus check, money from the sale of an asset, etc. Don’t hesitate to call your Loan Officer or Processor, if you have any questions.
Credit Cards/New Debt: Be sure to speak with your Loan Officer before adding any debts or before you plan on paying any debts off.
Selling Something: If you are selling an asset such as a car, an antique, or baseball card collection, please be sure to document the asset. For example if you sell a car, obtain the check from the buyer, car title and a bill of sale. You may also need to get a certified appraisal of the item.
Review Your Credit Report: The best way to get a jump start on your mortgage process is to know what your creditors are saying about you and the accuracy of the information. Be sure to have your Loan Officer review the report with you and report any inaccurate or omitted information.
Gifts: Cash gifts from relatives are very common in the purchase of a home, and there are specific ways a gift must be handled. If you are getting a gift, hold off receiving it until you have spoken with your Loan Officer.
Changing Jobs: Notify your Loan Officer if you plan on changing jobs during the mortgage transaction process. A new position could complicate the loan approval process.
Become A Saver: Be sure to save all pages of all bank statements and pay stubs from now until closing.
Contact your NE Moves Mortgage – Senior Loan Officer, to learn more about what you can do to avoid mortgage setbacks.
Tips Provided By:
Senior Loan Officer – NMLS # 39560
Amanda.kourafas@nemmortgage.com
www.nemmortgage/amandakourafas
Amanda Kourafas
617.633.5364
