WHEN IN DOUBT, DON’T DO IT!
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
Transfers also tend to blur the lines a bit so try to avoid them!
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.
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!
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.
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.