{"id":1543,"date":"2014-05-12T20:38:42","date_gmt":"2014-05-12T20:38:42","guid":{"rendered":"http:\/\/riverbankfinance.com\/blog\/?p=1543"},"modified":"2014-05-12T20:38:42","modified_gmt":"2014-05-12T20:38:42","slug":"top-10-mortgage-mistakes-that-slow-down-the-home-loan-process","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/top-10-mortgage-mistakes-that-slow-down-the-home-loan-process\/","title":{"rendered":"Top 10 Mortgage Mistakes that Slow Down Home Loans"},"content":{"rendered":"

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In today\u2019s competitive real estate market it is important to get through the mortgage process quickly and efficiently. Avoid these top 10 mortgage mistakes to keep sellers happy and close your loan quickly!<\/p>\n

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  1. Mortgage Underwriters are picky! They will not accept incomplete documents. Be sure to provide ALL PAGES of required documents including Bank Statements, Divorce Decrees, Tax Returns etc.<\/li>\n
  2. Do not alter or black-out documents. Lets face it, if you applied for a mortgage they already have your personal information. Blacking out account numbers and other information will only create delays.<\/li>\n
  3. Underwriting guidelines do not allow items to be added onto a purchase agreement that are not attached to the house. Items such as lawn mowers, T. V.s, audio equipment, and furniture are all culprits that must be removed from the purchase agreement.<\/li>\n
  4. Gaps in dates will be a cause of concern for underwriters. There cannot be a gap of employment information or residency information. Also pay stubs and bank statement dates must connect without gaps!<\/li>\n
  5. Changing jobs during the home loan process is asking for a delay or loan denial. Even if you are taking a job with higher pay, making the transition is risky business. Underwriters will require a full month of pay stubs which will set you back 6 weeks!<\/li>\n
  6. When buying a home you will need to provide bank statements to prove you have money for funds at closing. A common mistake is making large cash deposits without documentation. You will be required to document and explain each deposit.<\/li>\n
  7. When you meet with your loan officer to apply for a mortgage, be sure to explain all the details. If you withhold information or bend the facts, underwriters will find out which will cause delays and require extra documentation and explanations.<\/li>\n
  8. For purchases, most loan types allow gifts to be given for down payments and closings costs, however, there is a specific process to receive these funds. Gifts also must come from acceptable sources so speak with your loan officer before transferring money.<\/li>\n
  9. Applying for other credit while buying a house may cause your loan to be denied. Wait until your loan closes before you take out that loan for new furniture. Underwriters repull credit before allowing you to close. This will alert them if you applied for credit.<\/li>\n
  10. Home loans are time sensitive. Rate locks and purchase agreements expire so it is crucial that you return documents quickly! Do now wait until the last minute to send in that update. It takes time to review and approve documents so act quick!<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    In today\u2019s competitive real estate market it is important to get through the mortgage process quickly and efficiently. Avoid these top 10 mortgage mistakes to keep sellers happy…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[301,308],"tags":[628,626,629,627],"class_list":["post-1543","post","type-post","status-publish","format-standard","hentry","category-buying-a-home","category-mortgage-tips","tag-home-loan-mistakes","tag-mortgage-mistakes","tag-mortgage-tips-2","tag-top-ten-list"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t