April 19, 2016

MidAtlantic Farm Credit's Seven Precautions to Take When Applying for a Loan

Long-time MHC sponsor, MidAtlantic Farm Credit lists out the seven most imporant precautions to take when applying for a loan. Very important read!

Remember that even seemingly harmless decisions you make during your loan application process can have a dramatic impact on your loan request. Please be aware that we need to re-verify all aspects of your loan application right up to the day of your loan closing.

To help make the process go as smoothly as possible, here are some things to keep in mind:

  • During the application and loan approval process:
    • Make all payments on time, especially your mortgage/rent
    • Retain any paystubs or bank statements during this period
    • Return all paperwork requested in a timely manner
  • These things may have a negative impact so carefully consider before: Opening new credit cards, lines of credit or loans
    • Increasing the balance on existing credit or transfer balances
    • Changing or quitting your job
    • Moving monies from one bank account to another

Farm Credit is here for you during the loan application and approval process, as we understand sometimes it can be overwhelming! We specialize in loans for farms, homes, land, equipment, construction, and refinancing. If you have any questions, or are interested in having Farm Credit finance your dreams, give us a call today at 888.339.3334 or visit http://www.mafc.com/

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Read 2428 times Last modified on April 19, 2016