Tips for Borrowers during Loan Processing

During the processing of your loan there are certain things to keep in mind that may affect the outcome of your loan request.  Credit, income, and assets are re-verified after you have signed your initial loan application documents and many times continues until the loan is funded.

Your loan could be affected if you:

• Quit your job or get another job unless it is in the same line of work and for equal or more pay
• Change bank accounts or transfer money within your existing bank accounts
• Make counter deposits at the bank for more than $500 which are not attached to your pay
• Co-sign on a loan for anyone
• Purchase an automobile or take on any additional debt
• Purchase any other real estate
• Apply for credit (this will result in an inquiry on your credit report)
• Charge large amount on existing credit cards

Be sure to:

• Keep all accounts current such as mortgages, car payments, and credit cards
• Keep copies of all paycheck stubs and any statements on bills being paid off through the loan process
• Make payments on all accounts on or before the due date, even if the account is being paid off

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