7 Tips to Ensure Your Mortgage Goes Smoothly

How to Keep Your Lending Process on Track

Once you’ve begun the mortgage process, there are several things you can do to ensure things go smoothly. Here are seven of the most important steps to take during the approval process before closing.

1. Don’t quit your job

The approval of your loan is greatly dependent on the existence of a steady, stable income. Employment will be verified up to the day of closing, so maintain your hours and position until all the paperwork is completed.

2. Limit your spending

Another major factor in loan approval is your current account balance in comparison to your income. This is not the right time to buy a car, open a new credit line, or take on any other additional expenses. Doing so will lower your credit score and may even disqualify you for the loan.

3. Keep your finances stationary

Transferring money between accounts makes it more difficult to complete the necessary paperwork required for the loan to close. To prevent any unnecessary delays, minimize any movement of your funds until after closing.

4. Limit large deposits

Depositing cash into your account during this process will require you to provide a notable amount of documentation to your mortgage company. For any large non-payroll deposits, such as selling a car, make sure you keep records to establish proof of ownership, sale, and the payment made.

5. Maintain your monthly payments

Stay on top of any other loans and payments you’re responsible for, such as student loans, rent, insurance, and credit cards. Doing so will ensure your credit score stays at a level that qualifies you for the loan.

6. Keep loan documentation handy

During the approval process, unexpected requests are not uncommon. To prevent any potential hangups, make sure you maintain access to all your documentation in case something comes up to require it.

7. Communicate with your mortgage company

If anything comes up during the approval process that might affect your finances, tell us in advance so that we can make adjustments accordingly. In addition, if you, a co-signer, or a co-borrower will be out of town prior to closing, please let us know as soon as possible. Communication is essential to this process, so keep in touch regularly.

Find the right financing strategy with Rosa Briggs Home Lending.

At Rosa Briggs Home Lending, we put our clients first and foremost. Buying a home is a big deal, and you deserve a team that has your back throughout the process. That’s why we believe in strategic home financing solutions, not quick, auto-generated approvals. We help you understand your options and pick a path that meets your needs now and twenty years from now.

Find a mortgage that allows you to succeed today and plan for tomorrow. Get started now.