What to Expect
Start to finish, the underwriting stage can take time depending on several factors. When you work with Prosperity Bank, we will keep you informed and let you know what to expect every step of the way.
Following these guidelines, you can do your part to help ensure a smooth process and keep your closing on schedule.
Credit Scores
Your credit score can have a major impact on your mortgage. Borrowers with higher credit scores generally have more loan options at lower interest rates.
While a credit score can range from 300 to 850, most are somewhere between 600 and 700. Several factors influence your credit score, including current and previous account information reported by credit card companies, lenders, banks, municipalities and collection agencies.
Based on the Fico Model
- 35% On-time payment history
- 30% Current credit card usage
- 15% Credit history
- 10% Recent credit inquiries
- 10% Types of credit Accounts
Timely Responses
Throughout the loan process, our mortgage team may request additional documentation. In order to ensure your loan closes on time, please be sure to respond to these requests as quickly as possible.
Do’s and Don’ts
While your loan is in underwriting, be sure to follow these do’s and don’ts to ensure there is not a change in your approval status.
Do:
- Keep ALL accounts current
- Keep copies of pay check stubs, bank statements, etc.
- Keep records of any non-payroll related deposits
- Contact your loan officer if you are unsure about a purchase
- Notify your mortgage team of any changes in your status or situation
Do NOT:
- Make large purchases
- Open new credit accounts
- Change jobs without discussing with your loan officer
- Switch banks, open new accounts, or transfer your money
- Withdrawal from your retirement or brokerage accounts