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6 THINGS NOT TO DO
WHEN APPLYING FOR A MORTGAGE

When lenders review your application, they like to see consistency in your finances.

  1. Do not make major purchases like furniture, appliances, jewelry, vehicles or vacations
  2. Don't change or quit your job
  3. Consult with your mortgage professional before withdrawing, depositing or moving large amounts of money in or out of your bank account
  4. Do not pay off debts of collections (unless instructed to do so by a mortgage professional)
  5. Avoid using cash for a good-faith deposit — cash is difficult to verify and could result in a closing delay
  6. Don't have your credit report pulled too many times — this can hurt your credit score
LOOKING TO PURCHASE A HOME?
HERE ARE A FEW TIPS TO HELP YOUR LOAN PROCESS GO QUICKLY AND SMOOTHLY

When lenders review your application, they like to see consistency in your finances.

  1. Make sure your credit is in good shape
    1. Check your credit score
    2. Try to get your credit card balances below 40% of the limit
    3. It's best to have at least 3 open and active accounts listed on your credit report
  2. If you're renting, pay by check
    1. Having a document proof of your last 12 months of payments is often required by the lender
  3. Obtain proof of employment for the past 2-years
    1. W2s and tax returns
    2. Paystubs covering 30 days
    3. Be prepared to explain any gaps in employment
  4. Avoid large deposits or withdrawals from your bank account
  5. Determine a down payment amount based on your available funds
  6. Obtain a pre-approval letter from Vanmar Lending
  7. Research a local real estate agent
HOW MUCH HOUSE
CAN YOU AFFORD?

Before you start shopping for a new home, determine how much you can afford to spend.

Here are a few things to consider:

  1. Your monthly income
  2. Your available down payment
  3. Your monthly expenses
  4. Your credit score

It's important to consider getting pre-approved by Vanmar Lending. Vanmar Lending will be able to offer you several loan options and find the best available loan program for your needs.

SIGN HERE, THERE OR ANYWHERE.
VIRTUAL E-CLOSING IS AVAILABLE NOW.
Virtual E-closing gives you the convenience of closing on a purchase or refinance without leaving your home — or when you're a thousand miles away from home. No sitting at the closing table with stacks of paper to wet sign. No in-person contact. As long as you have a computer or mobile device with access to Wi-Fi, you can close a loan from anywhere, anytime.