Are you thinking of applying for a loan? Let’s review a few tips to help you through the initial process.
Are your financial documents organized? This includes knowing your credit score, outstanding debt, after-tax income and expected income.
Do you have the loan application? Have you read all you are required to submit? Make sure you are thorough and honest in your answers to the questions the loan application asks. Leaving out one aspect can be costly in terms of time.
Don’t take on more debt as you wait for your loan to be approved. In other words, now is not the time to rack up debt on a store credit card or charge gasoline purchases for a trip a few states away. Any additional debt can affect your debt-to-income ratios.
It’s also not a good time to change jobs, as we want to see financial stability.
We want to work with you each step of the loan application, and we welcome your questions and cooperation as we work together to fund your current and future financial needs. We ask your patience as we verify your information with employers, landlords or other creditors and credit reporting agencies.