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.
I interacted with Dan and Shawn for all of our transactions and information. At ALL times, they were courteous, informative and supportive. I felt that they were truly supportive of the process and the various difficulties we encountered through the whole process.
I had a great experience working with Summit Funding team. They were superb in communication and helpfulness, which was great since the escrow was only 25 days. I felt as though any stress I had in the home buying process was eased by their professionalism and kindness. I’m definitely recommending them to all my friends!
Leah was proactive in making sure we were educated and informed throughout the process. She got back to me in a timely manner and worked hard to make sure that we got the best possible deal on our loan. She celebrated with us when we finally purchased our home! It was a great experience!
Since this was my first time purchasing a home. I was very nervous and had many questions and concerns about moving forward with my loan. RON Kuhn and his team helped me through the whole process and were very knowledgeable and patient. I am so appreciative for all their time and efforts they put in, making this a very wonderful experience!
Everything about our loan process went very smooth. Email communication was successful, not much need for face to face or phone conversations but those were readily available. The step by step process, from beginning to end, was great. No issues at all. Thanks Mark for taking such good care of us.
The team was willing to meet with us and answer questions. They more knowledgeable and responsive. We received immediate assistance and communication. Everyone on the team was extremely helpful and polite.They all work together to help us meet our goal.