The mortgage application process can be a stressful one. Our friends at First Mortgage Company offer these tips to help make the process as smooth as possible.
BEFORE YOU BUY:
• Make a personal budget ahead of time to make sure you know what payments you are comfortable with.
• Meet with a loan officer and get pre-approved in advance of shopping for the home.
DURING LOAN APPLICATION:
• Check your email/mail often to ensure prompt receipt of time-sensitive documents or requests for information. Delaying their acknowledgement and return could delay your appraisal, approval and/or closing.
• Be prompt in providing any requested documentation.
• Always contact your loan officer if you’re making any changes to your financial picture to ensure that it will not alter your loan request. This includes changes of employment and shopping for and/or incurring additional credit.
• Keep all paystubs and bank statements that come in after initial application readily available should more recent documentation be needed.
• Contact your loan officer if you’re making any large non-payroll deposits so that they can walk you through what documentation may be required to source these assets.
• Before you transfer assets for your closing, talk to your loan officer to make sure that you obtain the proper documentation on that paper trail, should it be needed later.
• If you’re not closing for more than 90 days, your entire credit package will need to be updated.
Try not to allow any new credit inquiries on your credit report, which can lower your credit scores.
• A new copy of your credit report may be pulled within 72 hours prior to closing; any changes will require explanations and could result in your loan being delayed.
• If you make any changes regarding the details of your loan, such as the source of your down payment funds, the amount of your down payment, change of insurance agent, etc., please contact our office immediately to avoid last-minute complications and violations to the guidelines of the loan program.
First Mortgage Company has been proudly serving the Tulsa community since 1989. providing in-house processing, underwriting and closing. Their purpose is to provide customers with the financial freedom to live out all their hopes and dreams. For more information contact Branch Manager Kerrick Draper at 918.496.2241. 2504 E. 71st Street, Tulsa. FirstMortgageCo.com/KerrickDraper