You’ve just spent the last few weeks running around with your broker looking at homes. You’re tired of going in and out of homes, but alas… you’ve found the home that you want to write an offer on. And then – THE SELLERS ACCEPT!
It’s time to get your finances in order and make sure you have all of your necessary paperwork prepared and ready to go for your loan officer. You’ll need to gather up items such as:
- W9 Statement or 1099 Statement
- Tax Returns From the last 2 years
- Financial Documents that disclose 409K and SEP account information
- Bank Statements
Once you’ve put all that together, we’re not done just yet. Below are a few things that you should NOT DO during the underwriting loan process. Making any changes to your finances during this period can cause a huge interruption in the loan process, and could quite possibly bring it to a screeching halt.
- Don’t Deposit any cash into your bank accounts before speaking with your banker or loan officer
- Don’t make any large purchases, like a new car or furniture for your home
- Don’t co-sign other loans for anyone
- Don’t change bank accounts
- Don’t close any credit accounts
It’s important to have a full line of communication with your mortgage lender so that you don’t avoid any hiccups along the way. If you are planning on leasing a new car or opening a new account in a different bank, hold off until after your closing. Any change in your finances will cause a red flag in the underwriting process and you could end up with costly delays.
Looking for a mortgage lender? Click here to learn more about Baret Kechian from Loandepot