This is a very detailed process and you will need to provide information which you may feel is unnecessary.  All items requested are mandatory requirements per the lender’s underwriting department, and/or the Federal Government.  We will do what we can to limit your exposure to requests which you may feel are silly and unwarranted, but some things are out of our control.

 

A lot of things can happen during escrow that could change the underwriting disposition of your loan application. For example; a borrower could lose their job, get injured, or have a home damaged by weather, or some other unplanned event. The more time there is between application and closing, the more of a chance that one of these events could occur.  We understand that sometimes, bad things just happen. However, there are things that you can plan for; things within your control.

 

Here are a couple quick tips and rules to follow while involved in a mortgage transaction:

 

1. Don't let anyone run your credit without first discussing it with me.
2. Don’t buy a new car, trade-up to a bigger lease, or co-sign for anyone else's new auto loan/lease.
3. Don’t quit or change your job.
4. Don’t switch from a salaried job, to a job based on bonuses and/or commissions.
5. Don’t transfer large sums of money between bank accounts without first discussing with me.
6. Don’t forget to pay your bills. (Even the ones in dispute)
7. Don’t open or apply for new credit cards or credit lines (Including department stores, even if you’re getting 50% off for a purchase you need for moving)
8. Don’t accept or deposit a cash gift without first discussing with me, and filing the proper “gift” paperwork.
9. Don’t make random, undocumented deposits into your bank account.
10. Don’t make cash deposits of any kind into your bank accounts.
11. Don’t forget to continue making your mortgage payments, even on properties being refinanced.  If the expected close of escrow is close to the date your next payment is due, please contact me to discuss BEFORE making, or skipping the payment.

 

These tips should be read and followed to avoid many of the common mistakes made by borrowers during the escrow process. Ignore these rules at your own risk and PLEASE call me with any questions if you're unsure about something. It's ALWAYS better to be safe than sorry!