Borrower Don'ts - Flagship Financial Group LLC

Borrower Don'ts

At the time a seller accepts a buyer’s purchase offer and the lender has provided pre-approval some homebuyers make the mistake of rushing out to buy things to fill their home. Be cautious in doing so as there are still major hurdles which must be overcome prior to closing the loan. The following are some DON’TS which will assure your transaction goes as smoothly as possible:

Avoid Expensive Purchases. It may be tempting to order new furniture, but its best to avoid making major purchases like furniture, cars, appliances, electronic equipment, jewelry, or taking vacations until after the closing. Anything that you finance could jeopardize your credit worthiness during the time it means the most. Additionally, if you make a large case purchase that too can create a problem as lenders take into consideration the cash you have sitting in both your checking and savings account as they approve your mortgage loan.

Don't Get A New Job. Lenders want to see a consistent job history. Generally, changing jobs to a position where you will be making more money will not affect your ability to qualify for your loan, but in some circumstances, getting a new job during the loan approval process will raise lender concerns and affect your application.

Don't Switch Banks Or Move Money Around. As your lender reviews your loan package, you will likely be asked to provide bank statements for the last two or three months on your checking accounts, savings accounts, money market funds and other liquid assets. To eliminate potential fraud, most loans require a thorough paper trail to document the source of all funds. Changing banks or transferring money to another account - even if it’s just to consolidate resources - could make it difficult for or delay the lender’s ability to document your funds.

Don't Give A Good Faith Deposit Directly To The Seller In A For Sale By Owner Purchase. As a rule, your good faith deposit belongs to you, not to the seller, until the deal closes. Your FSBO seller may not know that your good faith funds should be applied to your expenses at closing. Place your good faith deposit in a trust account, or get an attorney or other neutral party to hold the deposit until you close on the home. Your purchase contract should dictate to whom the funds go should the transaction fall through.

Don't Disregard Your Lenders Requirements. You may have been pre-approved for the loan but your work with the lender is far from over. In order to process your loan, you need to meet certain requirements. Your lender will need copies of your bank statements, W2s and other paperwork. It is up to you to get it to him or her as soon as possible. Failure to submit certain qualifying documents in a timely manner could cause you to lose your loan and the financing you need to buy your home.

We are required by law to list the following licensing information. Flagship Financial Group, LLC is licensed as: Alaska Mortgagee Licensee #100278; Arizona Banker 0908193; Department of Corporations under the California Residential Mortgage Lending act Lender 4130854; Florida Correspondent Lender CL 0703188; Georgia Mortgage Broker Licensee 17297 – 3130 W Maple Loop Dr, #200, Lehi, UT 84043 (GA); Illinois Residential Mortgage Licensee MB6760204; Registered under the Kansas Mortgage Business Act License Number of 2002-4309, Maine Mortgage Lender License# SLM9424; Maryland Mortgage Lender 16461, Mississippi Supervised Mortgage Company 308/2006; Nevada Mortgage Broker 1385 – 1349 Galleria Dr., #110, Henderson, NV 89014; New Hampshire Banking Department Mortgage Broker 13439-MBR; North Dakota Money Broker MB101563; Licensed by the Pennsylvania Department of Banking (PA); Utah Mortgage Loan Company 5493106; Licensed by the Virginia State Corporation Commission, License MC-2980. In certain states in which we do conduct business, certain restrictions and limitation apply. Rates and terms subject to change. If you have any questions or comments regarding this offer please email to lharris@ffgcorporate.com.

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