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Your Real Estate Transaction: Do’s & Don’t’s

February 20, 2014

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As the mortgage industry adjusts to new financial regulations, it is more important than ever to ensure that the financing of your new home goes smoothly.  Approval of your loan is contingent upon your financial profile on or shortly before closing, not at the time of your application. Changes in your financial profile during the time period between the application and closing dates could adversely affect your ability to obtain financing!  Please note the following prohibited and permitted pre-closing actions to ensure a smooth and stress-free experience:

Things Not To Do (Consult with your loan officer before doing any of the following)

√  DO NOT apply for new credit or authorize the pulling of your credit. This can affect your debt ratio.

√  DO NOT make any deposits over $500 (except for customary payroll deposits) into your bank accounts or the lender will require the deposits to be sourced.  Cash deposits will be backed out of the balances and will not be used for the down payment.

√  DO NOT bounce any checks or permit any account to realize a negative balance.

√  DO NOT make any large purchases, cash advances OR incur significant charges on your credit cards.

√  DO NOT quit, take time off from work or change jobs during the process of your loan approval/funding.

√  DO NOT take it personally if you’re requested to provide additional information about your income or deposits. All information will remain completely confidential.

Things To Do

√  Promptly provide legible copies (scanned copies are preferred) of all pages of each document requested by your mortgage banker throughout the mortgage process.

√  Continue to pay all financial obligations on time (credit cards, car loans, existing mortgage, etc.).

√  Provide your loan officer with the contact information of the agent through which you are obtaining homeowner’s insurance.

√  Communicate openly and honestly and do not hesitate to contact your loan officer with any questions throughout the process.  We are here to help!

√  (if a purchase):  Provide a copy (both sides) of your earnest money check after it has cleared your bank along with accompanying bank statement reflecting the withdrawal.

√  (if a purchase):  Notify your loan officer of any changes to the sales contract (i.e. closing date, sales price, etc.).

√  (if a purchase):  Ask your agent or seller if the property is in a flood zone as you may be required to obtain flood insurance.

Email us your loan scenario to info@pmccanhelp.com or give us a call today at 800-385-3657!

Visit Our Website: http://www.pmccanhelp.com/

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Job Opportunities? CA BRE NMLS Mortgage Loan Officers (Brokers are welcome), Real Estate Agents, & Account Executives.  Ask about our Branch Opportunities.  Now is the time to see how PMC Can Help you earn what you deserve!  Email your resume to careers@pmccareers.com and visit us at www.pmccareers.com!

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