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Avoid Mortgage Sabotage

ON'T MOVE YOUR CASH/SAVINGS AROUND:

We have to verify all funds for closing including the source of those funds. Moving assets around can create a paper trail nightmare. The best advice is to leave everything where it is, even if the purpose of the move is to pool your funds for buying the house. After we verify your accounts and give you an "ok", then you can consolidate your accounts if you want. Always consult your Loan Originator or Processor before you move any funds.

 LARGE DEPOSITS:

We have to verify all sources of funds for the transaction. We will be looking at any large deposits into your asset accounts (checking, savings, money market, etc.). You should be prepared to document the source-perhaps a copy paycheck, bonus check, money from the sale of an asset, etc. If you have a question as to how, please call your Loan Originator or Processor.

SELLING SOMETHING?:

If you are selling an asset such as a car, an antique, baseball card collection, etc, to come up with the cash for closing, please document the asset including the check the buyer gives you, car title and a bill of sale. Sometimes you will need to get a certified appraisal of the item.

GIFTS:

Gifts from relatives are a very common item in the purchase of a home. However, there are certain ways a gift needs to be handled as to not create a paper nightmare for you. If you are going to receive a gift hold off receiving it until we have talked. Please carefully follow the instructions on our Gift Letter form for your particular type of loan.

BECOME A PAPER HOUND:

Save all of your bank statements and pay stubs from now until closing. We will need them. So please keep them handy.

DO NOT PACK ANY FINANCIAL PAPERS:

Keep all of your tax returns, along with any W-2's, 1099's, or K-1's and any other financial papers from the past two years in a handy place. If you sold a home in the past two years, have your (HUD-1) Settlement Sheet handy. You may have to produce an item that you did not expect.

REVIEW YOUR CREDIT REPORT:

The best way to get a jump start on your mortgage process is to know what your creditors are saying about you and the accuracy of the information! Review the report with your Loan Originator and report any inaccurate or OMITTED information. 

CHANGING JOBS:

Please do not change jobs during this process without your Loan Officer’s knowledge. The new position could jeopardize your approval for this loan.

CREDIT CARDS/NEW DEBT:

Do not apply for any new credit because that creditor will show up on your credit report and we will have to verify that there is no new outstanding debt. If you are planning to add a debt or pay debts off for closing, hold off until you have spoken with to your Loan Originator or Processor. We may be able to pay off those debts at closing, with no effect to your approval process. If you have paid off any debts recently, it may not show on your credit report and we will have to re-verify each creditor's current balance, which requires more time.

agent photo
Bernie Alvey
Senior Listing Agent
EXIT Landmark Realty

Direct: 301-752-7922
Office: (301)934-2022 x272

Email: bernie@alveyproperties.com

Bernie Alvey reviews
Bernie Alvey reviews

Testimonials Page

After listing my house I received a full price contract in 2 weeks - very happy! Bernie recommended a contractor for minor repairs found during the home inspection and repairs were made in a timely manner and to satisfaction of buyers. I couldn't be happier with the entire process. Settlement held in 45 days from list date and all parties were pleased and on their way. Great job! Coach Jim Donahue
Bernie is the best agent I have ever worked with. His knowledge and negotiation skills are impeccable. He was always alert, responsive and attentive for my needs. I have used him as a buyer and seller agent, he was great at both aspects. He even help me gain a a full price offer on my home, which was a profit from a home I owned for only 14 months. ***Highly Recommended*** Michael Paige
Bernie is that agent that you hear about but never seem to really find, EXCEPT I DID! He is current with technology and that is so important to finding a home, I used his website and was able to zero in on the 4 or 5 properties I wanted to see and he made the rest happen. He is also great at presenting the pros and cons of any property to help you keep your own excitement from carrying you away. His knowledge of the area was fantastic, and overall made our home buy experience, fast and even fun. Chet Rhodes
Bernie did a superb job of helping us find the right house in Dunkirk. After showing us a few properties, he knew what we were looking for and focused on that. We depended heavily on his experience and familiarity with local practices to guide us through the process. We were impressed with his knowledge of the local market. Once we found the house we wanted, he gave us good advice on negotiating a fair offer. Jack and Fran Shea
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