Baker Mortgage DO's & DON'TS
TIPS FOR A SMOOTH LOAN APPROVAL
During the process of your loan, there are certain “Do’s and Don’ts” which may affect the outcome of your loan request. These remain in effect from the time you make application until your loan is funded, which in some cases is 3 business days after closing.
YOUR EMPLOYMENT, CREDIT AND ASSETS WILL BE RE-VERIFIED THE DAY YOU CLOSE.
We hope this information will help you understand the different things that could adversely affect your loan approval.
MAKE SURE YOU DO NOT:
- Change jobs unless it is in the same line of work and your base starting pay will be higher than you currently earn. Commission or overtime also must be in effect immediately for that income to be counted, and have been part of your previous employment for at least two years.
- Allow anyone to make an inquiry on your credit report
- Change bank accounts or transfer money within your existing accounts
- Co-sign for anyone
- Purchase any other real estate
- Apply for credit anywhere or complete any other credit application
- Start any home improvements that are not a condition of the loan
- Do not list your home for sale during the refinance process
- Do not finance any purchases
- Lease a car, unless it’s for a smaller payment than you currently have
MAKE SURE YOU DO:
- Keep all accounts current including your mortgages, car payments, credit cards
- Keep all copies of all paystubs, bank statements and any statements on bills being paid off during the closing of this loan
- Make payments on all accounts on or before due dates, even if the account is being paid off with your new loan
FOR OUR SELF-EMPLOYED BORROWERS:
We will need your tax returns and K1’s for your company for the last 2 years if you have them. If you haven’t done last years, we will need a copy of the extension & a copy of the cancelled check if any money was due with the extension, as well the previous 2-year returns.
IF YOU OWN MULTIPLE COMPANIES, WE NEED THE TAX RETURNS & W2’S, 1099’S OR KI’S TO GO WITH THEM.
If you encounter a special situation, it is best to call or email us right away so we can help you determine the best way to achieve your goals.
Please call or email us at any time with any questions or concerns
Thank you, We look forward to working with you soon!