The Do’s and Don’ts during Your Home Mortgage Process

For Our Buyer Clients:

When obtaining a home mortgage, there are certain “Do’s and Don’ts” which may affect the outcome of your loan request. These remain in effect before, during and after loan approval up until the time of settlement when your loan is funded and recorded. Many times credit, income, and assets are verified the hour before you have signed your final loan documents. Here is a list to guide you.

MAKE SURE THAT YOU DO NOT do any of the things that may alter your credit and may risk you obtaining your loan. Also, these things may put you in default of your Sales Contract, may put your ESCROW deposit at risk, and may put you at risk of being sued.

• DO NOT quit your job or change jobs. If this is likely, consult with your loan officer and call this office should this occur.
•  DO NOT allow anyone to make an inquiry on your credit report except your lender.
• DO NOT apply for credit anywhere else except with your lender. This causes more “hits” on your credit rating which can reduce your credit score.
• DO NOT change bank accounts or transfer money within your existing accounts.
• DO NOT co-sign for anyone, for any reason, for anything.
• DO NOT purchase or attempt to purchase anything else on credit such as another car, truck, boat, furniture or other real estate.
•  DO NOT charge any abnormal amounts to your current credit cards or credit lines.
• DO NOT send in late payments, or incur late fees for anything.
• DO NOT wait longer than the time frame given per your contract to provide all necessary paperwork and information to your lender when requested.

MAKE SURE THAT YOU DO:

• DO keep all accounts current, including mortgages, car loans, credit cards, etc.
• DO contact both your lender and your sales associates anytime a question may arise.
• DO make all payments on or before due dates on all accounts, even if the account is being paid off with your new loan.
• DO have any lender-required money/funds to your loan officer within 72 hours after home inspection is complete.
• DO return phone calls from your agent, loan officer, settlement company, or anyone else involved in your transaction within 2 hours of a message.

Tony Clark Realtors are here to be your trusted adviser on your real estate assets. Since 1976, we are the Owensboro Kentucky market expert. To start a conversation, Contact Us (270) 926-0055

Loan Application Checklist

• W-2 statements for the past two years.
• Most recent pay stubs.
• Residence address for the past two years.
• Names and addresses of landlord for present and all previous residences for the past two years.
• Names and addresses of each employer for the past two years.
• 12 months cancelled checks for rent or mortgage.
• Names, addresses, account numbers and balances for all checking and savings accounts.
• Names, addresses, account numbers, balances and monthly payments on all open loans and credit cards.
• Addresses of all real estate owned.
• Certificate of Eligibility and DD214’s (VA only).
• If self-employed – last two years tax returns.
• Two months bank statements on all accounts.
• Signed copy of the Purchase Agreement.
• Check for Credit Report and Appraisal

Understanding Your Credit
Your credit report is a record of information about your credit payment history. Private companies called credit bureaus compile credit reports. There are three primary credit bureaus in the United States: Equifax, Experian, and TransUnion. Each of the credit bureaus gathers information about consumers from a combination of public records, such as court documents and property tax rolls, and reports provided by businesses, such as banks, finance companies, and utility companies. If you’re not sure what’s in your credit report, we suggest you review it before applying for a loan. Many consumer experts suggest that you review your credit report for accuracy at least once a year.

Tony Clark Realtors believes everyone should feel confident when buying and selling a home. We are here to be your trusted adviser on your real estate assets. Since 1976, we are the Owensboro Kentucky market expert. To start a conversation, Contact Us (270) 926-0055

Tony Clark Realtors    |    2934 Frederica Street Owensboro, Kentucky    |   (270) 683-SOLD