Do's & Dont's.
Tips for a Smooth Loan Approval
Below are key items to do and to avoid during your home lending process. This list will help keep your loan on track and ensure an effortless home loan experience. Unsure if something will affect your loan approval? Just ask us! We have seen it all and can answer any of your questions.
- Immediately inform your Loan Officer if there are any changes in your employment, income, or assets.
- Continue living in your current residence.
- Continue making all mortgage or rent payments.
- Continue to make payments and stay current on all existing credit accounts.
- Be prepared with an explanation for any credit “blemishes” and recent credit inquiries.
- Research and select a preferred homeowner’s insurance provider.
- Make any major purchases or home improvements. (ie. auto, boat, appliances, furniture, pool)
- Apply for new credit or loans.
- Pay off any charge-off accounts, collections, loans, credit cards, or consolidate debt.
- Close any credit card accounts, max-out, or over-charge credit accounts.
- Change bank accounts of transfer balances from one account to another.
- Change the source of your “closing funds.”
- Deposit large amounts of cash into your own bank account without proper documentation.
The Eagal Team at Summit Funding provided first class service from loan initiation to approval. All members were professional in their interactions, knowledgeable of the process, and made me feel at ease. Will continue to work with Blake and his team in the future. Great job!
I was well informed throughout each step of my home purchase. Any questions or concerns were quickly answered in depth. I had no trouble or anxiety during the biggest purchase of my life thanks to the Newton team. Nathalie Amador was very knowledgeable while going above and beyond to help me feel at ease. Thank you!
Marcel was absolutely amazing! Communication was great throughout the whole process. I felt like he was 10 steps ahead at all time which makes for a great transaction. Thank you Marcel for all your handwork and look forward to growing our business together. - Jett - Berkshire Hathaway (THE RHODES TEAM)
I’ve worked with Steve and team on 3 transactions and I will say with great confidence no one have ever made the process this honest and this easy. Their communication is perfection from start to finish. Personable, professional, and perfectly completed. Thank you to Steve, Ami, and the entire summit team!
Tony Trejo and Ashley Sellers both had great communication and positive energy throughout my refi, and made a traditionally very stressful process incredibly smooth. I appreciate that time frame and process expectations were set from the beginning, and were accurate. I’ll definitely be referring friends and family to this team!
The team's communication is fantastic and I can always rely on Anna to help my clients formulate a plan to reach their goals. She doesn't just approve someone and send them on their way - she makes sure they are set up for success at every point throughout the transaction.