IMPORTANT ITEMS THAT CAN PREVENT YOU FROM BUYING A HOME
We received an email from one of our preferred lenders, Kari Phillips of Southern Fidelity Mortgage with some great tips to help buyers ensure a smooth mortgage transaction. We hope you find these tips helpful:
Following these simple guidelines can help your loan process go smoothly.
· Do not make any deposits into your bank account that are not directly from your compensation. New guidelines require underwriters to source every deposit on your bank statements to ensure that the money is yours. You do not want to make cash deposits of any kind while in the loan process. Cash deposits are hard to source and create delays in the processing of your loan.
· Don’t move assets from one bank account to another. These transfers show up as deposits and complicate the loan process.
· Don’t buy or lease an automobile or extend any new credit on your credit cards for large purchases. The underwriter looks carefully at your debt to income ratio. Any increase in payments will affect your ratios and may in turn affect your loan approval.
· Don’t change or quit your job. Losing a job with no employment will result in your loan being declined. Even if you find a new job, two paystubs from that job will need to be provided prior to funding.
· Don’t attempt to consolidate or pay off bills before speaking with your lender. Your loan officer will advise you if this needs to be done.
· Don’t pack or ship information needed for the loan application. Important paperwork such as W-2 forms, divorce decrees and tax returns should not be packed and shipped to your move with your household goods
Please contact Kari with any questions about the lending process or to obtain your loan pre-approval. Her contact information is:
Kari Phillips, MBA | Senior Loan Officer
Southern Fidelity Mortgage
6585 High St. | Las Vegas, NV 89113
Office (702) 228-2889 x1813 | Fax (702) 951-5051 | Cell (702) 375-3401
MLS# 25126 NMLS#309701
Kari.Phillips@GoSouthernFidelity.com | www.GoSouthernFidelity.com/KariPhillips