Tip #1
My Loan Coordinator and Document Turn Time:
Please expedite and provide any and all documentation requested by my Loan Coordinator Lisa within 24 hours of request. If there are any delays, this will slow the process down and could put your loan at risk of not closing on time.
Tip #2
Updated Documents:
Please scan and email or fax any and ALL updated pay stubs and asset statements that you receive from now until closing. These will be required by underwriting to complete your loan.
Tip #3
New Debt and/or Credit Cards:
Please do not incur any new debt during the closing process. If any major purchases are made or any new credit cards are open, this may disqualify you for the mortgage. Even if you are approved for a higher amount than purchasing, at minimum this will slow down closing and your loan may be at risk of not closing on time because a soft pull credit report will be pulled the day of closing.
Tip #4
Life Changes:
Please do not change jobs or positions with your company during the closing process without checking with me first. This will affect the underwriting of your loan.
If you plan on getting married or divorced during the closing process please let me know ASAP. This will affect the underwriting and documentation of your loan.
Tip #5
Deposits:
All deposits going into your accounts from now until closing whether being used for funds to close or not MUST all be verified. Please save ALL paper trail for any deposits. Underwriting needs to verify your deposits are coming from an acceptable source; your own money or gift funds if allowed.
Tip #6
Liquidating Funds:
If you plan on moving funds from one account to another you MUST save all proof of liquidation. Underwriting will require the paper trail showing the liquidation from one account and the paper trail of the deposit into the other account. Please save ALL paper trail for final loan approval.
Tip #7
Signing Date and Cash Needed at Closing:
Please make sure to keep 2 -3 business days prior to closing open for a last-minute signing appointment. This is when you will receive a call from the escrow company to schedule a time for you to sign all your final loan documents. Escrow will not schedule the time and day until documents arrive and this will not be until the very end of the closing time line. They will provide a few times for you to choose from and it will be 2-3 business days prior to closing. You are not required to be present on the actual closing date, only for your signing date.
The exact amount you will need for closing will not be determined until Escrow calls to schedule your signing. The amount needed should be within $500.00 up or down from the estimate I prepared for you. The Escrow Company will not accept a personal check but only a cashier’s check. f you would like to wire funds you will need to contact Escrow directly for wire instructions. The account funds are coming from MUST be from an account that has already been verified. If you would like to draw from another account, you MUST contact Lisa first to have that account verified.
Tip #8
Leaving Town:
If you plan on leaving town longer than an extended weekend from now until closing you will want to notify me ASAP. This could jeopardize your scheduled closing date. I appreciate your attention to this email. If you follow these 8 tips, the process will run smoothly and on time. If you miss any of these tips it could result in a closing delay or your loan not receiving final loan approval. Please call or email me with any questions or concerns.