Don't do the following while you are applying for a loan

By
Mortgage and Lending with HomeStreet Bank

Don't do the following while you are applying for a loan.  I was at a lender conference last week and they are now calling underwriting "super full documentation" loans.  With this in mind. Let's talk about what not to do when you are applying for a loan.  Rabbit

DON'T QUIT YOUR JOB

DON'T CHANGE FROM SALARY TO COMMISSION

DON'T BUY A NEW CAR

DON'T MOVE MONEY BETWEEN BANK ACCOUNTS

DON'T OPEN NEW CREDIT CARDS

DON'T MAKE UNDOCUMENTED DEPOSITS INTO YOUR ACCOUNT

DO CALL AND ASK WHAT TO DO IF YOU DON'T KNOW

If one of you accounts is changing please advise your loan officer. For example; car lease expiring, loans that are payable, any changes into your account.

There are a million ways to create problems during the mortgage process.  Buyers are concerned about having the money to close and being able to make the payments. Lenders are concerned about making sure the loans are within regulations.

 

 

 

 

Posted by

Joe LaVallie

The Integrity Team

Mortgage Banker

HomeStreet Bank

22001 66th Ave W

Mountlake Terrace WA 98043

NMLS ID#111363

joe.lavallie@homestreet.com

425-678-7604 Direct

1-800-761-7788 ext 7604

206-743-4722 Cell

Fax 206-512-1911

To Apply Online  http://www.homestreet.com/jlavallie

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Comments (1)

Trisha Bush-LeFore
Preferred Properties Land & Homes - Walla Walla, WA
Providing Realtor Services in the Walla Walla Area

Joe,

These are great, important dos and don'ts for the loan applicant. Many don't think about the problems financial changes can cause. Thanks for the clarification and advice.

Jun 10, 2013 04:46 AM