11 Ways to Prevent Delays With Your Home Loan Approval

Purchasing a new home? Refinancing? Following these simple steps can help ensure a smooth loan process.

When financing a home:

• DO inform Citywide Home Loans of any changes to your personal information (employment, marriage status, credit, etc).
• DO save money.
• DO save all important documents (pay stubs, bank statements, W-2’s, etc).
• DO keep your current job.
• DO read all correspondence from Citywide Home Loans.
• DO make sure all earnest money is from an acceptable source (Checking, savings, 401K).
• DO keep documentation on any large or significant deposits into your bank account (usually over $500).
• DO notify us immediately if your salary or other compensation changes.
• DO continue to make all payments on-time for credit cards, loans and rental/mortgage , as agreed.
• DO provide you homeowner’s insurance agent name and phone at least 10 days before closing.
• DO ask questions & be informed.

Related Articles:

12 Mistakes To Avoid When Applying For Home Financing

Common Missteps Could Prevent You From Getting A Loan

Applying for a home loan can be a stressful process with many steps that need to be taken and paperwork to be completed. Avoiding these common mistakes can help insure a smoother loan process

Make sure you:

• DON’T quit or change your job
• DON’T make any major purchases (furniture, appliances, car, etc)
• DON’T apply for new credit, “same as cash” procedures, etc
• DON’T make any late payments on your existing accounts or mortgage
• DON’T transfer balances between accounts
• DON’T start major home improvement projects
• DON’T make a large deposit into your checking/savings account
• DON’T max our or over-charge on your credit cards
• DON’T write any insufficient funds checks (NSF)
• DON’T co-sign for another person for a loan or line of credit
• DON’T dispute any credit trade lines or collections reporting on your credit report
• DON’T pay off any collections or loans without consulting us first.

Related Articles:

11 Essential Do’s When Applying for Home Financing