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Tips to keep your Loan on Track

Tips to keep your Loan on Track

As your lender, Ideal Lending Solutions 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
  • 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 AFN 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 ILS 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 ILS 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 ILS 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 ILS 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.)

Ideal Lending Solutions | West Palm Beach | Boca Raton | Jupiter | Aventura
American Financial Network, Inc., DBA Ideal Lending Solutions, is not a government entity; CORP NMLS# 237341 ; Equal Opportunity Employer ; Equal Opportunity Lender American Financial Network, Inc. 10 Pointe Drive, Suite 330, Brea, CA 92821. Click here to view our current licensing information as listed on NMLS® Consumer Access.

Equal Housing LenderAmerican Financial Network, Inc. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580.

American Financial Network, Inc. is not acting on behalf of or at the direction of the federal government, and this offer is not being made by an agency of the government.