With over 150 years of combined industry experience, our mortgage lenders have pretty much seen it all! We could share some wild stories about unique properties (ask us about the “goat house”) or difficult deals that we’ve been able to finance. We love what we do! The satisfaction and excitement of helping someone – especially first-time buyers – achieve their homeownership goal is what drives us everyday!

As lenders, we do everything we can to help your buyers! When you’ve been in the mortgage industry as long as we have, you learn that educating buyers early is key to avoiding surprises later. One common thing we’ve encountered over the years is situations where a client makes changes to their income, credit or employment status after applying for a loan. This can have a major impact on their ability to qualify or approval status if it happens before closing. You can help your clients avoid potential roadblocks by sharing this important information when they start the buying process!

Buyers should stick with the “Don’t Change Anything” strategy using these guidelines.

Don’t

• Change jobs, quit their job, or become self-employed
• Buy a new vehicle, furniture, or anything requiring an installment loan
• Use or increase an equity line of credit
• Make large deposits or withdrawals
• Apply for additional real estate or home loans
• Use credit cards excessively or fall behind on payments
• Close any credit card accounts
• Spend money they have set aside for closing
• Have any inquiries into their credit
• Co-sign on a loan for anyone

Do

• Continue paying their current mortgage/rent and bills on time
• Submit all required documents to their lender
• Respond to requests from their real estate agent and lender in a timely manner
• Be patient. They can use this time while they’re waiting to think about movers,
• paint colors, landscaping, etc.

It’s very important that your clients ensure their financial situation doesn’t fluctuate between the time they apply for a mortgage and when they close on their house.  Any significant changes will have to be explained in detail and could void a preliminary approval.

At Jefferson Bank, our priority is making the mortgage process as smooth as possible. If you know or even think your client is planning to do anything along these lines, it's best to discuss it with their lender before taking any further action.

We are always here to answer questions. Contact us today at (210) 736-7700 or visit us