Throughout the loan process, there are things that can speed up the loan closing, or slow them down. Sam, our lead Processor and a Loan Officer here at Black Diamond Mortgage, goes over a few things that he sees on a regular basis while working with loans in process.
Tip 1 – Avoid Large Deposits. It is essential that you avoid large deposits into your accounts as these deposits need to be sourced. Meaning, we have to show where those funds came from. Cash is also hard to source and this can be difficult and time consuming to do. Talk to us before making any large deposits.
Tip 2 – Avoid Credit Inquiries. Now is not the time to go shopping for a new vehicle or get new credit cards. All of these inquires have to be explained and any new debt can cause an issue with your debt to income ratios, which can disqualify you from the loan. It is important to talk to us if something needs to happen during the mortgage process.