If you’re in the market for a home, you want to keep your financial ducks in a row. Make smart choices and be very careful about what you do and don’t do with your finances. Here are a few do’s and don’ts, but always talk to your lender before you make any big financial decisions at this time.
DO — Keep originals and all pages of pay-stubs, bank statements and other important financial documentation. Universal Lending is required to update any documents that are more than 90 days old prior to the closing of your mortgage loan. (This is required even if your loan is approved.)
DO — Provide all documentation for the sale of your current home, including sales contract, closing statement, employer relocation/buy-out program if applicable.
DO — Notify your Loan Officer if you plan to receive gift funds for closing costs.
DO — Notify your Loan Officer of any employment changes such as change of employer, recent raise/promotion, transfer, change of pay status (for example salary to commission).
DO — Make timely payment on all current debt obligations , including any current mortgage or rent, car, student loan, or credit cards.
DON’T — Change jobs/employer without inquiring about the impact this change might have on the approval of your loan.
DON’T — Make major purchases during or prior to closing, such as a new car, furniture, appliances, etc., as this may impact your qualification ratios.
DON’T — Obtain and/or deposit unusually large sums of money without notifying your Loan Officer. Many loan guidelines require full documentation as to the source of these funds.
DON’T — Close or open or transfer any asset accounts without asking your Loan Officer about the proper documentation required for your loan file, e.g., transferring retirement funds or funds from the sale of stocks into your checking or savings account.
DON’T — Open or increase any liabilities, including credit cards, signature loans or other credit lines during the loan process as it may impact your qualifying ratio.
Paying attention to these details will make closing on your home a lot easier.
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Published by Universal Lending Home Loans
Universal Lending Corporation was founded over 40 years ago on the principle that our customers deserve individual and specialized attention throughout the mortgage process. We embrace our passion for customer care, and educate and empower each potential home buyer throughout the entire process, so they make informed, considerate decisions that ensure their home mortgages fit their budgets and keep their families financially secure.
NMLS #2996
Equal Housing Opportunity
6775 E Evans Ave., Denver, CO 80224
(800) 758-4063, Colorado Responsible Party, Colorado Mortgage Company Registration; Arizona Mortgage Banker License #0927881; Florida Mortgage Lender Servicer License #MLD989; Illinois Residential Mortgage Licensee #MB.6760981; Iowa Mortgage Banker License #2006-0305; Kansas Licensed Mortgage Company Kansas Mortgage Company License #MC.0025137; Michigan 1st Mortgage Broker/Lender/Servicer Registrant #FR0019350; Michigan 2nd Mortgage Broker/Lender/Servicer Registrant #SR019351; Minnesota Residential Mortgage Originator License #MN-MO-2996; Montana Mortgage Lender License #2996; Montana Mortgage Broker License #2996; Montana Mortgage Service License #2996; Nebraska Mortgage Banker License #46; New Mexico Mortgage Loan Company License; North Dakota Money Broker License #MB102363; Texas - SML Mortgage Banker Registration; Utah-DRE Mortgage Entity License #7384716; Washington Consumer Loan Company License #CL-2996; Wisconsin Mortgage Banker License #2996BA; Wyoming Mortgage Lender/Broker License #582.
TEXAS MORTGAGE BANKER COMPLAINT NOTICE
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEB SITE AT WWW.SML.TEXAS.GOV.
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