Tips to keep your Loan on Track

House with sold sign in the front yard

As your lender, Ideal Lending is required to provide updates on all critical financial documentation that is over 30 days old prior to your closing. So, whether you’re buying a home or refinancing your current mortgage, please keep the following documents on hand as your loan is being processed.

  • Weekly Pay Stubs – Originals or print online from employer’s website
  • Changes to Employment Status – i.e. new employer, change in employment
  • Monthly Bank Statements – Originals or print online from Bank’s website
  • Monthly Credit Card Statements – Originals or print online from Credit Card provider’s website
  • Notify your Ideal Lending Loan Officer immediately if receiving “gift funds” as part of your down payment
  • Should you receive and/or deposit sums of money over $500.00, alert your Ideal Lending Loan Officer immediately.
  • Underwriting guidelines require documentation for the source of these funds:
    • Copy of Bonus Check
    • Copy of Tax Refund
    • Copy of Insurance Settlement
    • Gift letter with a copy of the check and deposit slip

To ensure that your loan processes quickly it’s important not to do anything that significantly changes your overall financial picture.

  • Don’t change jobs/employers during or up to 30 days after your closing without consulting with your Ideal Lending Loan Officer to determine the impact on the approval of your loan.
  • Don’t make major purchases before closing. The purchase of a car, appliances, electronics etc., may change your ability to qualify for your mortgage loan.
  • Don’t open any new lines of credit or take on any additional loans. This includes cosigning a loan. If you do so, be sure to contact your Ideal Lending Loan Officer to find what documentation is required and what the impact would be on your loan approval.
  • Don’t open/close/transfer funds on any of your asset accounts before checking with your Ideal Lending Loan Officer. Verifying documentation is required by law for any changes to your assets. (i.e. Selling off stocks and depositing cash into a saving account.)

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