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Safeguard Your Loan
Here are several important things to remember inorder to have your closing happen in a timely manner.
Do not throw away documentation.
Throwing away documentation, i.e. pay stubs and bank statements, after the initial loan approval causes significant problems in the verification and documentation process. Lack of such documents may delay your closing- and ultimately, your move-in date.
Do not add debt.
Increasing debt significantly affects your ability to qualify for land/home financing. If you desire to purchase new furniture, appliances, automobiles, et cetera, try to wait until after their permanent loan closing to guaranty such purchases do not affect loan qualification/approval.
Do not switch jobs.
Changing employment prior to permanent loan closing could negatively affect your “approved” status. If you want to make a career move, this move should be made only after the permanent loan closing. Borrowers who must change their employment prior to permanent loan closing must consult with Clear Progress before making any such change.
Do not transfer funds.
Transferring money between accounts can create problems related to verifying your assets. All funds must be verified and documented. Switching money from account to account makes it difficult to accurately document the borrower’s assets. Furthermore, do not make any large deposits in any account without first consulting with Clear Progress. If such deposits are necessary, then Clear Progress will instruct you as to how to document the deposit in a manner which does not affect loan approval.
Do not pay off any debts.
Paying off debt, if it subtracts from your down payment, may jeopardize your loan approval. To prevent such a problem, you should consult with Clear Progress before paying off any debts.
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