YOUR GUIDE TO A SMOOTH CLOSING
Key actions to take — and pitfalls to avoid — through the loan process.
WHAT TO DO
Fully complete your application
Submit all requested documents upfront to avoid delays in processing.
Communicate where your funds are coming from
Clearly identify accounts for your earnest money, down payment, and closing costs.
Respond promptly to requests
It is very likely that additional documents will be requested through the underwriting process. Provide any additional documentation within 24 hours to keep your loan moving forward.
Continue to work your regular hours
Changes to your income, hours, or job can impact your approval.
WHAT TO AVOID
Avoid changing or quitting your job
Your employment is verified throughout the underwriting process.
Avoid large cash deposits
Unexplained deposits can raise red flags and require additional documentation.
Avoid major credit card purchases
Changes in balances can impact your credit score and debt-to-income ratio.
Avoid opening new credit accounts
This includes co-signing on other loans.
Avoid moving money between accounts without documentation
Transfers can cause delays and create questions. Any transfer will require documentation of both accounts.
Avoid spending money set aside for closing costs
Any funds for the down payment and closing cost should remain untouched.
Questions about your situation?
Kevin Lawson is here to help. Never hesitate to reach out with any questions or concerns should they come up. Early and consistent communication is the key to a smooth closing.
NV 775.870.7300
CA 951.852.1205
klawson@franklinlc.com
Kevin Lawson — NMLS #2834928. Franklin Loan Center. This is for informational purposes only and does not constitute an offer or commitment to lend. Terms, rates, and conditions are subject to change without notice and are subject to underwriting approval.