Examples of things to avoid while applying for a mortgage:
Name Changes
Changing Jobs
Quitting Your Job
Non-Payroll Deposits Greater than $500
Not Filing Tax Returns
Making Large Purchases (buying a car or boat)
Multiple Addresses (Driver’s License, W-2, Pay Stub, Tax Return)
Opening New Credit Accounts
Last Minute Requests for POA (Power of Attorney)
Listing your Home for Sale
Yes. It is an investor requirement to verify both a person’s credit history/rating as well as their employment status within five (5) days of closing.
Consistent documentation of your address is key to the application process. This information is used to validate your name, but also is used to verify your physical address for the past two (2) years. If your address isn’t consistent throughout,
underwriting will require a written explanation for the differences.
The Buyer is responsible for the appraisal fee. Payment can be made via credit card or check (made payable to Fidelity Bank) at the time the loan documents are signed.
It is very important that you bring a photo ID as well as certified funds or a cashier’s check for closing costs (payable to the closing attorney). Funds must be withdrawn from an account that has been verified by Fidelity Bank as part of the underwriting process.
You, in conjunction with your real estate agent will determine the planned date and time of the closing, along with which attorney you will be using. Your loan officer and processor will be involved in coordinating the timing of the closing to ensure all of the paperwork is complete.
It is very important that you attend the scheduled closing. In rare circumstances a Power of Attorney may represent your interests, but it’s best practice for you to attend in person.
The sooner you can respond to your loan officer or processor, the more quickly we will be able to work up your loan package. Ideally we would like a response within 24 hours. In turn, we will make the same commitment to you when responding to your questions.
Underwriters look through your assets & liabilities, along with your credit and payment history so that they can determine your ability to repay the loan as well as verifying the source of funds used to purchase the home. This information is then measured against a set of guidelines that must be met in order for Fidelity Bank to sell your loan to an appropriate loan servicer.
While it’s true that there have been significant changes to the minimum scores for obtaining a mortgage, we don’t expect everyone to have 800+ credit scores or a perfect credit history.
There are laws in place that prohibit you from refinancing your home while it’s actively for sale.
If you can financially afford to carry two mortgages and meet credit requirements, we can get you financed in order to purchase a second home. If you’re not going to sell the property you already own, you will be required to document access to three to six months of P&I (Principal & Interest) in addition to your other financial obligations.
If you filed late or requested an extension, we are required to obtain proof from the IRS that they have received and accepted the late payment or extension, whichever your situation happens to be.
It’s definitely something we need to discuss early in the process. There are ‘good’ disputes, when truly fraudulent activity has occurred, then there are ‘negative’ disputes, such as a general inquiry that the creditor has categorized inaccurately.
A financial gift is when the source of funds is anything other than your own personal accounts. Examples include, monetary birthday or wedding gifts, money given to you by parents, grandparents, or other persons, or an inheritance.
It’s true that we have gone through the pre-qualification process, but until underwriting has completed their DETAILED review of your income, assets, and liabilities, as well as the home appraisal and other documentation, you need to refrain from incurring additional debt whether purchasing appliances and furniture, a new car, or even a new wardrobe. Underwriters are required to sign off on your ability to repay the loan based on the guidelines established by loan service providers. If you incur more debt, in addition to purchasing or refinancing a home, that risk goes up and we may not be able to close your loan.
Thank you to all of your RHG team who helped us during the process of building our new home Ivey Ridge at Mill Creek. From the beginning, meeting your agent, going to your design center to make our selections, meeting with the superintendent when we had questions, and finishing up with an on time closing with no surprises. It was a pleasure! - William D. Family
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