Working with a mortgage broker from the BRM Lending Team gives you broad access to a range of lending services designed uniquely for your financial needs. While your mortgage broker will work hard on your behalf to help you achieve your life goals, there are also steps you can take on your end to ensure the lending process goes smoothly:
- Do not allow unnecessary credit checks—As you work with a mortgage broker to secure a new mortgage, do not allow credit checks for financing offers and other promotions. These “harmless” checks have the power to lower your credit score and could impact your eligibility for a home loan.
- Avoid taking on new debts—Before closing, there may be many things you want/need to buy. At the same time, you need to refrain from opening new accounts that could affect your debt-to-income ratio, as this could impact your loan approval status.
- Do not move money around—Any transfers to your financial accounts from outside sources need to be fully documented. Movement of funds between different accounts has the potential to extend the underwriting process, which could delay your closing.
- Try to avoid employment changes—If possible, try to stay in your current job between when you submit your mortgage application and closing. Even a career change that results in a salary increase can mean the initiation of additional paperwork, which can also delay closing.
- When in doubt, call your mortgage broker—Your mortgage broker is there for you and wants to make securing a mortgage beneficial. If you ever have questions or concerns about your loan application or mortgage approval, do not hesitate to contact them.