AgGeorgia has been helping Georgia’s farmers and families with loan needs for decades and are always looking for new ways to serve our members. We are pleased to announce the formation of a new Secondary Mortgage Market (SMM) Department that will solely focus on residential home loan needs in our territory. We know that buying a home can be both an exciting and stressful experience. Once you have found the right home and applied for a mortgage there are some things that you will need to keep in mind before your closing date. Keep the tips below in mind and make sure to contact your loan originator if you have any questions.
- Don’t Deposit Large Amounts of Cash into Your Bank Account Without Speaking with Your Loan Originator.
All mortgage lenders need to source your money by law, and cash is not easily traceable. Before depositing a significant amount of cash, you should discuss the documentation process with your loan originator. - Do Continue to Make Timely Payments on All Current Credit Accounts.
Lenders will likely check your credit again after the initial application and just prior to closing. Make sure you keep making all your existing payments on time and avoid any negative impact on your credit rating. - Don’t Apply for any New Credit Accounts.
As stated above, your credit will likely be checked again after the initial application process. Any new debt obligations will impact your credit rating and your Debt-toIncome ratios that were the basis for your initial loan approval. - Do Keep All of Your Documents on Hand.
Paycheck Stubs, Bank Statements, W-2s, and Tax Returns will all be required financial documents throughout the process. If the loan process crosses reporting periods for any of these documents, you will likely be asked to provide the most current ones. Make sure to keep them handy so you can provide them back to your loan originator in a timely manner. - Don’t Change Jobs/Employers Without Speaking to Your Loan Originator.
Any change in income or employment history can impact your loan file. Even a small decrease in verifiable income could potentially throw your ratios out of an approval. Make sure to speak with your loan originator before making these types of changes during the process. - Do Notify Your Loan Originator of Any Changes in Loan Amount.
It is somewhat common during the process for a buyer to decide to put more or less of a down payment into a property, or in the case of a construction loan for more funds to be needed than initially thought. Make sure you are communicating these changes as soon as possible to your loan originator to avoid any last-minute changes that could hold up the process. - Don't Attempt to Falsify Any Information
This may sound like common sense, but it happens and is worth noting. When you sign off on your application, you’re certifying that to the best of your knowledge you are providing complete and accurate information. Knowingly falsifying any information could have serious legal consequences. - Finally, Do Let Your Loan Originator Help You Throughout the Process.
The mortgage process is something that most people will only have to go through a few times over the course of their lives. Guidelines and regulations constantly change, and it can be incredibly stressful if you are not working with a competent loan originator who can help you navigate all the ins and outs. Make sure to ask any questions you have. Incorrect assumptions can slow the entire process.
If you have any questions about applying for a home mortgage, please contact us at 1-833-61-HOUSE (46873) and one of our Mortgage Loan Originators will be happy to help you.