Axel Mortgage has been successful closing 99.9% of the loans we originated since 2001. If we see something within your loan profile that looks problematic we will let you know in advance. Listed below are a few tips to help assure a smooth funding on your loan request:
Bank Statements/Assets
1. Do not deposit any funds into your bank accounts if you cannot verify where the deposit came from. An example of this is receiving a $5000 loan repayment in cash from a friend and depositing the funds into your checking account. Lenders will likely consider this a gift and it will require more paperwork from you to source the funds.
2. Please provide us with bank statements from the account you will be using at closing to cover the down payment and closing costs. Please don’t give us Bank of America bank statements if you intend to use Wells Fargo to pay these costs. Lenders can only underwrite the bank account statements you give us. Changing accounts during the underwriting process will require more paperwork, but is easy to do. If you will be changing accounts please let us know so we can walk you through the steps to easily document the transfer.
Employment
1. Please do not quit or switch employers during the underwriting process.
2. Please let us know how your employer verifies your employment so we can inform the lender before we send you to closing.
Credit
1. Do not cosign on a loan for anyone during the underwriting of this mortgage.
2. Do not purchase another home.
3. Do not make any major purchases (car, motorcycle, RV).
4. Avoid additional inquiries on your report until after we close this loan.
Home
1. If you are purchasing a new home and plan on renting your old home, please make sure you are upgrading. The underwriter will want to see you purchase a larger, nicer home than you currently own. Don’t go from a home to a condo and attempt to call it owner occupied as this is a tough sell to an underwriter.
3. When refinancing please make sure all improvements to the home are completed before the appraiser arrives. Also, please do not start any home improvements until we close your loan.
If you have any questions about any of the above please don’t hesitate to call or email us.