Page 53 - November 2017 Magazine

Keeping things simple: Borrower’s Do’s and Don’ts
As a component of commitment to your success, it is my focus to keep your loan qual- ification process as simple and straightfor- ward as possible. To avoid certain unforeseen circumstances that can otherwise compli-
accounts. All assets must be verified and sea-
soned.
• Change bank accounts or banking institutions.
Please ensure you do:
cate the process, it is oftentimes helpfu u
to understand some of the “Do’s and Don’ts” that you can follow to elimi- nate frustrations or delays. These are
important to abide by from the time of applica- tion, and until your loan has successfully closed and funded.
Please ensure you do not:
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•
•
Keep copies of all employer paystubs and state-
m
ments for any paid-off accounts.
•Keep all accounts paid current, including but not limited to mortgages, auto loans, credit cards and student loans.
•Document any large deposits made into bank- ing accounts.
Consult your loan officer if you have any ques- tions or need clarification on anything through- out the process. d
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MICHAEL COYNE
• Make changes to your employment or income, unless the new position is in the same line of work for increased income. If this becomes a pos- sibility, please call for a consultation on how this change may affect your qualification.
• Acquire additional debt, either in a new form or by increasing debt on existing credit cards.
• Apply for credit that requires a credit report inqui- ry.
• Purchase any other real estate or automobiles.
• Commence any home improvements that are not
a requirement or component of the loan.
• Transfer large sums of money into or out of bank
Michael Coyne is vice-president of Residential Lend- ing for Blueleaf Lending. Contact him by phone at 773- 250-6492 or 847-494-9731 or by email at mcoyne@blue- leaflending.com. Rates and loan program specifics are subject to change at any time, and monthly mortgage insurance may be required. All approvals are subject to underwriting guidelines and requirements. The infor- mation contained herein is not an advertisement or offer to extend customer credit, and is intended for mortgage and real estate professional use.
Finance
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