Tips to Remember during the Loan Process
Courtesy of Michael DiMaggio
RPM Mortgage, Alamo
Provide Info as Quick as Possible
This will help me get your loan in process, and determine if there are any challenges that need to be addressed.
Keep debt to a minimum
Don't buy any large items, and try to keep all spending to a minimum.
Conserve funds for the closing-even if they aren't needed, the funds you have in ‘reserve' may be required, and they will also strengthen your overall file.
Don't move money around
Lenders need to be able to see your funds verified with bank statements.
Your ‘earnest money' check that you wrote with your offer, must be from an account that contains the funds and can be verified with bank statements.
Keep all Statements, and Deposit receipts
If you have to move money from one account to another, keep statements showing the move, and keep deposit receipts to show which account the funds went into.
Don't put unnecessary funds or ‘unsourceable' funds into your bank account.
If a deposit shows up that is not noted as ‘payroll' or something similar, a lender will assume you borrowed the money, and it will change the dynamics of your loan. We may end up needing a ‘gift' letter from the ‘donor' of the funds, and the whole papertrail to support.
Don't make job changes
If you are considering doing so, notify me so we can discuss.
Be Prepared
Until the loan funds (and records), be prepared for supplying information.
Loan approval is always considered ‘conditional' loan approval, meaning subject to the lender's final review of conditions. Sometimes there are last minute questions that can come up.
Michael DiMaggio | Senior Consultant
RPM - Alamo
925-683-9991 - cell | 925-552-3891 - direct
1-866-743-0406 -efax | www.rpm-mtg.com/mdimaggio
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