Bob's Blog about Frederick MD Real Estate: Tips for a Smoother Loan Process

Here is something I picked up from my friends at Prosperity mortgage...It's some quick do's and don'ts to help you get through the mortgage process.

KEEP ORIGINALS OF ALL PAYSTUBS, BANK STATEMENTS, AND OTHER IMPORTANT FINANCIAL DOCS.

PROVIDE ALL DOCS FOR THE SALE OF YOUR CURRENT HOME. (IF YOU ARE SELLING ONE) EX: SALES CONTRACT, CLOSING STATEMENT, EMPLOYER RELO/BUYOUT PROGRAM.

NOTIFY YOUR LOAN OFFICER IF YOU PLAN ON RECEIVING GIFT FUNDS. NO CASH GIFTS!

NOTIFY YOUR LOAN OFFICER OF ANY EMPLOYMENT CHANGES. EX:CHANGE OF EMPLOYER, RECENT RAISE OR PROMOTION, CHANGE IN PAY STATUS SUCH AS MOVE TO SALARY OR COMMISSION STATUS.

DON’T

CHANGE JOBS / EMPLOYER WITHOUT INQUIRING ABOUT HOW THIS WILL IMPACT THE APPROVAL OF YOUR MORTGAGE LOAN
MAKE MAJOR PURCHASES DURING AND PRIOR TO LOAN CLOSING EX; BUYING A NEW CAR, LARGE FURNITURE, APPLIANCES, OR ELECTRONICS. THIS COULD IMPACT YOUR QUALIFYING DEBT RATIOS. TALK TO YOUR LENDER BEFORE MAKING THE PURCHASES.
OBTAIN OR DEPOSIT LARGE SUMS OF MONEY OVER $500 WITHOUT NOTIFYING YOUR LOAN OFFICER. LENDER GUIDLEINES WILL REQUIRE THAT THE SOURCE OF THESE MONIES IS DOCUMENTED.
OPEN, CLOSE, OR TRANSFER ANY STOCK, SAVINGS, OR OTHER ASSETT ACCOUNTS WITHOUT FINDING OUT FROM YOUR LOAN OFFICER WHAT DOCUMENTATION WILL BE REQUIRED FOR YORU LOAN FILE.
OPEN OR INCREASE ANY LIABILITIES (CREDIT CARDS , SIGNATURE LOANS, ETC) DURING THE LOAN PROCESS.WITHOUT CHECKING WITH YOUR LOAN OFFICER TO FIND OUT HOW THIS WOULD IMPACT YOUR MORTGAGE LOAN.

Now how about some numbers around Frederick County.

Total active homes on the market today......... 1816

New to market last 2 days.................................29

Under contract the last 7 days.............................53

Couple other numbers to know.

Saturation Rate. Frederick is about 12.5% (that means only 12.5% of the homes sell any given month) you have about a 1 in 9 chance of selling this month.

Washington County is sitting on 9.5% or 1 in 11 chance in selling.

Click here to see last month's Housing report.