Must Know Loan Tips

WHEN IN DOUBT, DON’T DO IT!

• DON’T make non-payroll bank deposits.

You and the underwriter must be able to understand why and how every dollar

in your account is yours. This means every deposit must have an explanation

and PROOF of where the money came from. “From under my mattress” is not

an acceptable explanation, and without proof otherwise, this is what it will be

considered.

• DON’T transfer funds from one bank account to another.

Transfers also tend to blur the lines a bit so try to avoid them!

• DON’T change or quit your job.

Your employment must be verified verbally and with documentation. This

happens after application and AGAIN prior to closing. If a change is unavoidable,

alert Rapid Mortgage Company immediately so we can assess the situation.

Remember, you have to have income to close on your home loan and the process

is not complete until the loan is officially closed.

• DON’T open new credit.

Never apply for new credit during the loan process. Opening new credit could

result in, not only a change in the terms of your approval, but possibly void it all

together. Credit cards, furniture, a new car… all of it can wait until your home loan

closes. Defer all major purchases until AFTER YOUR LOAN IS CLOSED!

• DON’T forget to pay bills.

Sometimes life can get in the way of your normally responsible routine. This

is especially true if you are in the process of moving into a new home. Late

payments can be a deal killer so don’t let one slip through the cracks.

• DON’T misplace or pack required documentation.

W-2s, tax returns, paystubs, divorce, or bankruptcy documents should be

available and at the ready. Even if you supply them at the application, pages can

be missed or illegible and new copies may be needed. If it is a document that

could possibly affect your home loan, have it ready at all times.