Mortgage Tips

Here are a few mortgage tips for a happy closing. Our objective is to help you close your home loan on time with as little frustration as possible. Follow the advice of your Loan Officer as listed below. If you have a specific need during the loan process, be sure to call your Loan Officer to discuss. This will ensure that you don't do something that will disqualify you or prevent you from obtaining financing.

Avoid New Debt

New debt adds payments that have to be calculated into underwriting qualification. Avoid adding new debt during the process because credit is “soft” checked just before closing to ensure there aren’t new payments that would make our new loan unaffordable.

Stay Employed

Employment is reverified just before closing. If there is a change made please let us know so we can update the loan & confirm qualifications.

60 days official bank statements/activity detail for any and all accounts with funds being used in the transaction. If you are purchasing a home, this activity must include where the earnest money deposit on the contract shows clearing your account.
If the account shows a deposit I need a copy of the check for that deposit and a letter explaining what the deposit was from. Cash, unexplained deposits, money from a loan are not acceptable. Any funds like that would have to be excluded from the balance of funds showing on the account.
If you are receiving a gift for funds to be used (for down payment or closing costs) we need a fully executed Gift Letter from a relative. We recommend the donor wire those funds directly to escrow. If the donor writes you a check & you deposit it into the account you will need to get 60 days bank statement from the donor’s account and we will need to examine it for deposits too (not fun).

Do

Do stay current on all existing accounts
Do continue to use Credit as normal
Do call your Loan Officer if you need to add or take away credit accounts
Do call your Loan Officer if you lose your job or work less than normal

Don't

Don't move money around between accounts
Don't deposit funds into accounts without documenting its source
Don't apply for new credit of any kind- cable, phone, credit
Don't pay off collections or charge-offs
Don't max out or overcharge on your credit card accounts
Don't consolidate your debt onto 1 or 2 credit cards
Don't pay late
Don't dispute anything on your credit report
Don't lose contact with your Mortgage and Real Estate professionals

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Garrett Law Mortgage

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TEXAS MORTGAGE COMPANY DISCLOSURE: "CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV."

*Annual savings calculator based on 2015 monthly average savings extrapolated year-to-date.