$1,000 Rule

THANK YOU for entrusting your home loan purchase with us – it is our pleasure to be working with you!  We are committed to your satisfaction and to making your home loan process as smooth as possible.  Here are some very important reminders that will help keep your home loan on track.

 

  • Be sure to return all requested documents in a timely manner.  Your closing may be delayed if we have not received the information needed to complete your loan.

 

  • The $1000 rule!  Please contact us if you are planning to transfer more than $1000 between your accounts, are spending more than $1000 on a credit item, or are planning to make a deposit of more than $1000 in the bank unaccounted for by a payroll check.  We will explain how these items need to be documented or if they impact your approval.  In some limited cases, even less than $1000 can be questionable, so if you are unsure if this may affect you, please call us.

 

  • If you will be receiving any gift funds, it is imperative to let your lender know BEFORE the funds are given, so that we can explain the documentation that is required for gift transfers.

 

  • Please do not apply for any new loans or credit cards while you are in the process of obtaining and closing this loan.  There will be time for buying furniture, etc. after you are finished with this transaction.

 

If you have any questions as you move through the process, please do not hesitate to contact your lender – They are there for you!  Your lender will be monitoring all of the day-to-day details of your file, and be ready to answer your questions any time.

If you follow these simple steps, you can look forward to a successful day of closing!

 

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