Westport Mortgage has been in business since 1996 which means we have lots of experience in closing loans. We’ve learned from our experiences and would love to share what makes for a smooth loan process. Please read the following tips so YOUR loan could also close smoothly.
CONTACT US BEFORE YOU FIND A HOUSE
If you are in the market to buy a house, PLEASE reach out to us first! Let us review your finances so you can become pre-qualified. This way, your realtor will show you only homes you are qualified to purchase. Your realtor may not even agree to show you homes UNTIL they have a pre-qualification letter from a mortgage broker. Also, when you want to put in an offer, time is of the essence and offers are typically presented with a pre-qual letter! In a hot market, buyers can find themselves in a multiple bid situation. Including a prequalification letter from a trusted mortgage company can sway the seller in your favor.
PROVIDE YOUR PAPERWORK IN A TIMELY MANNER
Once you have an accepted offer (CONGRATS!), there are a new set of deadlines to meet. Purchase contracts typically include a mortgage contingency date. The mortgage contingency date is the date by which you need to have an unconditional mortgage approval. Our mortgage processors, Karissa and Lisa, will be in contact with you the whole way through to ensure these dates are met. But remember, the lender can only work as fast as they receive your paperwork.
INFORM US OF ANY CHANGES TO YOUR EMPLOYMENT
Right before closing, lenders will call your employer to verify you are still working there. If the employer tells the lender that you’re no longer employed because you switched jobs without telling us, your closing could be delayed. Talk to us! We’ll let you know how to seamlessly transition to a new job.
DON’T OPEN NEW CREDIT ACCOUNTS
When you are in the middle of the mortgage process, please don’t open any new store charge cards, finance furniture for your new home or finance a new car. Many lenders use a credit monitoring program to 
track your credit through closing. This monitoring program will alert the lender if another company checks your credit or a new account has been established. If you’ve opened a new account, the lender will need to make sure you still qualify for the mortgage with this new payment. If you find you need to open a new credit line, PLEASE talk to us first so we can give you guidance on how it will affect your financing.
DON’T MAKE ANY LARGE DEPOSITS WITHOUT DISCUSSING WITH US FIRST
While lenders review your bank statements, they will ask for documentation on the source of large deposits. Tell us if you plan to receive a gift from family, liquidate stock, withdraw from your retirement accounts or plan to receive a large sum of money. DON’T deposit cash as cash cannot be documented or papertrailed.
KEEP PAYING YOUR BILLS ON TIME
If your credit report is more than a few months old, we may need to pull a new one. PLEASE keep paying your bills on time. There is nothing worse than having a new late payment pop up on a credit report. It will lower your score which could affect your interest rate!
Follow these tips, and you’ll have the keys to your new home before you know it!
If you can’t tell by these tips, Lenders LOVE consistency. The more stable your financial picture is, the smoother your loan will be. Now of course, real life happens and if you encounter a special situation, it is best to mention it to us right away so we can help determine the best way to achieve your goals. If you’re interested in purchasing a home, give us a call for a smooth home buying experience. Our number is 203-221-8242.
