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Home Buying Guide

HOME BUYING GUIDE: THE DOS & DON'TS

This basic home buying guide is provided to help every consumer out there in becoming a model borrower. Please contact us with any questions! We enjoy spreading our wisdom to help others avoid pitfalls!

*Note: All information is suggestive in nature only. Please discuss with your loan officer. Subject to change.

THE DOs...

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Contact us if your salary, other compensation, or any other pertinent information you feel may be relevant. If your income increases or decreases, don't delay in letting us know! Car broke down and you need to use your credit card and will be adding a large balance to your card? That's ok! Communication is key.

Change Of Address

Change of address from when you originally filled out your loan application? No problem at all! Let us know as soon as the change occurs. We will need to conduct a rental and mortgage verification for all of your residences within the last two years.

Cashier's Check Is King

To pay your closing costs, please bring a cashier’s check made out to the closing agent/title company. Bringing a personal check to closing is frowned upon, unless, your closing costs amount to $500 or less.

Paper Trail ... (no, this is not a cool hiking trail)

“Paper trail” importance! No, this is not a hiking trail, a title to a movie or a name of a band. Any large cash or check deposits into your bank account must have a “paper trail”. A "paper trail" consists of copies of all necessary paperwork to prove the financial transaction, it's origination and destination. Examples are as follows; copies of all checks deposited, deposit slips, loan documents from any third-party loans (including loans from friends or family), and also if you liquidate your assets, appropriate documentation will be needed.

THE DON'Ts...

Large Purchases

Opening any additional credit cards, other lines of credit or making any large purchases on existing credit. Large purchases are things such as; a new car, a new plane, a fancy trip, new furniture, or new appliances for your future home. Increased debt balances will change your debt to income ratio, which in return, can affect your ability to qualify for your loan. Let us know before you make a big purchase and we can tell you if you can move forward with it or hold back until day of closing.

Additional Credit

Co-signing with anyone to obtain a line of credit or making a purchase on a shared credit card. This includes children who may be on your credit account and who might place a large purchase on your card, leaving a higher balance than intended. These new balances will show up on your credit report as additional debt and may affect your loan status.

Changing Jobs

Changing jobs or careers without informing us can take us south real quick. If possible, talk it over with us prior to any employment changes. Shifts in compensation may affect your ability to qualify. Borrowers must have a two-year history of bonus and/or commissions to be counted as income. Loan providers may verify employment on the day of closing as a quality control check.

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