WHAT TO EXPECT
THINGS TO EXPECT AND AVOID The Loan Process
Try to Avoid:
10 Questions to Ask your Lender: 1.
Making large cash deposits without documentation Making large purchases on your credit cards Co-signing a loan for anyone Changing bank accounts Applying for new credit cards Gaps in employment
How much can I borrow to buy a home? How much money do I need to put down? What's the interest rate? What's the difference between a fixed- rate and an adjustable-rate mortgage? How many points does the rate include? When can I lock in the interest rate? What are my estimated closing costs? Are there additional costs/fees that I should know about? Can you estimate when closing will be? What could delay my closing?
2. 3. 4.
5. 6. 7. 8.
Do's & Don'ts
Don’t Change Jobs Don’t Make Major Purchases Don’t Cancel your credit cards Don’t Change Banks Do keep paying your bills Do keep your personal documents handy Do read your disclosures Do Avoid overdraft fees on bank account Stay in touch with your lender!
9. 10.
Expect to:
Submit paystubs Submit bank statements (complete with all pages) Keep copies of all documents submitted to processing Continue to pay all your debt and loans on time Call your loan officer with questions or concerns
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