Want to apply for a mortgage
Here are some helpful “Do’s and Don’ts” when applying for a mortgage…
■ Keep originals or be able to access on your employer/
bank sites all pay-stubs, bank statements and other
important financial documents.
■ Provide your Earnest Money Deposit from your own personal
bank account or acceptable gift funds. Please talk to your
Loan Consultant for additional clarification. This will present
a very difficult problem if not managed properly in the
beginning.
■ Provide all documentation for the sale of your current home,
including sales contract, closing statement, employer
relocation/buy-out program if applicable.
■ Notify your Loan Consultant if you plan to receive gift funds
for closing. Gift funds are acceptable only if certain criteria
are met. Advances from credit cards for down payment/
closing costs are never acceptable.
■ Notify your Loan Consultant of any employment changes
such as recent raise, promotion, transfer, change of pay
status, for example, salary to commission.
■ Be aware that a new credit report could be pulled just
prior to closing.
bank sites all pay-stubs, bank statements and other
important financial documents.
■ Provide your Earnest Money Deposit from your own personal
bank account or acceptable gift funds. Please talk to your
Loan Consultant for additional clarification. This will present
a very difficult problem if not managed properly in the
beginning.
■ Provide all documentation for the sale of your current home,
including sales contract, closing statement, employer
relocation/buy-out program if applicable.
■ Notify your Loan Consultant if you plan to receive gift funds
for closing. Gift funds are acceptable only if certain criteria
are met. Advances from credit cards for down payment/
closing costs are never acceptable.
■ Notify your Loan Consultant of any employment changes
such as recent raise, promotion, transfer, change of pay
status, for example, salary to commission.
■ Be aware that a new credit report could be pulled just
prior to closing.
■ Close or open any asset accounts or transfer funds between
accounts without asking your Loan Consultant about the
proper documentation required for your loan. For example,
before transferring all funds from your savings to your
checking, check with your Loan Consultant.
■ Deposit any monies outside of your automated payroll
deposits, particularly cash or sale of personal property,
without notifying your Loan Consultant. Many guidelines
require substantial documentation as to the source of
these deposits.
■ Change jobs/employer without inquiring about the impact
this change might have on your loan.
■ Make major purchases prior or during to closing such as
new car, furniture, appliances, etc. as this may impact your
qualifying amount.
■ Open or increase any liabilities, including credit cards,
student loans or other lines of credit during the loan
process as it may impact your qualifying amount.
accounts without asking your Loan Consultant about the
proper documentation required for your loan. For example,
before transferring all funds from your savings to your
checking, check with your Loan Consultant.
■ Deposit any monies outside of your automated payroll
deposits, particularly cash or sale of personal property,
without notifying your Loan Consultant. Many guidelines
require substantial documentation as to the source of
these deposits.
■ Change jobs/employer without inquiring about the impact
this change might have on your loan.
■ Make major purchases prior or during to closing such as
new car, furniture, appliances, etc. as this may impact your
qualifying amount.
■ Open or increase any liabilities, including credit cards,
student loans or other lines of credit during the loan
process as it may impact your qualifying amount.
Tosh Pence
Loan Consultant
NMLS# 1585560 • FL
5462 Village Drive
Rockledge, FL 32955
321-508-0483
tosh.pence@caliberhomeloans.com
www.caliberhomeloans.com
Kim Tillett | One Sotheby’s International
Realty
Broker Associate
301 Ocean Ave
Melbourne, FL 32951
321.446.9035
kimtillett@gmail.com
TheKimTillettTeam.com
Caliber Home Loans and any above mentioned companies are not affiliated. Caliber Home Loans, Inc., 1525 S. Belt Line Rd, Coppell, TX 75019. NMLS ID#15622 (http://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/15622). 1-800-401-6587. Copyright © 2020. All Rights Reserved. Equal Housing Lender. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. If you are refinancing your existing loan, your total finance charges may be higher over the life of the loan. Other restrictions and limitations apply. (12970)
Why Client Service is Important to Us
Buying or selling a home can be a daunting task. It is one of the most personal and important decisions you'll make in your lifetime. Since it can be stressful, you want to ensure you have someone on your side who knows what they're doing. That's where our realtors...
Is Now a Good Time to Buy a Home?
The real estate market has been on the rise for the past few years. Home prices have been increasing, and more people are investing in property. However, recently, interest rates have begun to climb as well. So, is this still a good time to invest in real estate? We...
Homestead Exemptions in Florida
If you're a homeowner in Florida, there are several types of homestead exemptions that can be claimed on a property that could potentially save you big money. As every homeowner quickly learns, every penny counts! Homestead exemptions are pain-free ways to potentially...
FIVE Benefits of Living on the Space Coast
Florida’s Space Coast is so much more than a beautiful vacation destination! It’s no coincidence it’s ranked the #1 place to live in Florida by the U.S. News & World Report, and why it’s continually praised for having a strong quality of life for those who call it...
Rocket Launches on the Space Coast
The growing list of reasons to visit the beautifully unique Space Coast in Central Florida are enough to convince any vacation enthusiast to start planning a trip! With 72 miles of gorgeous coastline to enjoy, a plethora of world-class golf courses scattered...
Staging a Home for Sale
What is Home Staging? A well-decorated home is a priority for many homeowners, but there’s a big difference between a beautifully decorated living room and one that is well-staged. For the purposes of selling a home for the highest and best offer available, excellent...