Do's & Dont's of the Loan Process

Whether buying a new home, or refinancing your existing home, the loan process is vitally important. Beyond all the paperwork, there are many factors that lenders will consider that may affect your approval. Follow the guidance below:

• DO complete your application thoroughly. The process will go faster if the lender does not need to contact you for missing information. ​

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• DO respond to all questions & requests promptly. Additional conditions may need to be cleared to help underwriters make a decision. Handle these requests quickly so that your loan can close on time.

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• DO disclose all other loans & credit on file to your TeamUFG mortgage originator. Be transparent with us so your application will not get held up.

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• DO make yourself available as your closing date approaches. Schedule plenty of time to review, sign documents, pay closing costs & your down payment.

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• DON’T make any major purchases. Buying a car, appliances or furniture may alter your debt-to- income ratio & may negatively affect your ability to make a monthly payment.

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• DON’T open any new lines of credit. This may also negatively impact your debt-to-income ratio & may harm your ability to qualify for a loan.

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• DON’T move money around in your accounts. This may appear as an attempt to hide debt or large balances. You will have to verify where the money came from to insure it wasn’t a loan you received that has a monthly payment associated with it.

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• DON’T use untraceable money. Much like moving money around in your accounts, using large amounts of cash or untraceable money may make it hard for underwriters to understand your spending habits and cash-flow.

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• DON’T make a career change until after your loan closes. It is important to demonstrate income stability. ​