Attention Buyers! Road blocks to avoid while a mortgage loan is being processed:
There are some major red flags that can be raised when leading up to a closing…
- Do not change jobs, become self-employed or quit your job.
- Do not apply for any new credit.
- Do not buy a vehicle, furniture, appliances or other large purchase.
- Do not overcharge, take out cash advances or close any existing credit cards.
- Do not co-sign a loan for anyone else.
- Do not make any large non-payroll deposit to your bank accounts.
- Do not switch banks or move money around.
Be aware of delays:
Keep in mind:
- Your prompt response to our requests for documents throughout the loan process will be helpful in making a timely decision on your loan.
- Please respond within 2 business days of each request to avoid delays in approval decision, receipt of required Closing Disclosure and closing scheduling.
Keep it steady:
- Stay Current: Make timely payments on all existing debt, including any mortgages
- Stay Consistent: Continue to use credit/debit cards as normal
- Stay Informed: Join a credit watch program
- Stay Connected: Talk with your loan officer if you have any questions
Author:
RMS Residential Mortgage Services
For information purposes only and is not a commitment to lend. Programs, rates, terms and conditions are subject to change at any time. Availability dependent upon approved credit and documentation, acceptable appraisal, and market conditions. Not all programs available in all areas. Residential Mortgage Services, Inc. is a Maine Corporation headquartered at 24 Christopher Toppi Drive, South Portland, ME 04106. NMLS#1760; www.nmlsconsumeraccess.org; Equal Housing Opportunity; MA Mortgage Lender License #MC1760; MA Mortgage Broker License #MC1760; Rhode Island: RI Licensed Lender #20092626LL; RI Licensed Loan Broker #20122931LB.