Mortgage Loan Do's and Dont's

We thought it would be helpful to have a real list with some real guidance. Remember, we are here for you throughout this entire process and look forward to celebrating you home! The list below is a little guidance while we work on your Mortgage Loan

DOs

* DO keep originals of all pay stubs, bank statements, and other important financial documentation.

* DO provide all documentation for the sale of your current home (i.e., sales contract, closing statement,
  employer relocation/buyout program).

* DO follow through quickly if our team contacts you for information or documentation.

* DO notify us if you plan to receive gift funds.

* DO notify us of any employment changes (i.e., change of employer; recent raise/promotion; change of
  pay status; such as salary to commission, etc.).

* DO contact us if there is a major change in a monthly credit bill (i.e., sold a vehicle, paid off a large
  credit card or installment loan, etc.)

* DO enjoy your home purchase experience. Your Mortgage Loan should be FUN!!

DON’T'S

* DON’T have your credit pulled numerous times (i.e., apply for a credit card, loans, co-sign for someone
else, etc.).

* DON’T open or increase any liabilities, including credit cards, signature loans, etc., during the loan
process. Please check with your loan officer for any documentation that will be required and what impact
this would have on your qualification ratios.

* DON’T make major purchases during or prior to closing (i.e., new car, furniture, appliances, electronics)
because this might impact your qualification ratios. Please confer with your loan officer to have her
calculate what your ratios would be with any additional debts.

* DON’T obtain and/or deposit sums of money over 1% of the loan (unless it is a normal paycheck)
without notifying your loan officer. Guidelines require documentation as to the source of these funds (i.e.,
copy of bonus check, copy of tax refund, copy of insurance settlement, gift letter with copy of check and
deposit slips, etc.).

* DON’T open or close or transfer any asset accounts without inquiring about the proper documentation
required for our loan file (i.e., if you transfer all the funds in your stock account to your savings account,
documentation is required).

* DON’T obtain cash advances off your credit card(s).

* DON’T change jobs/employer without inquiring about the impact this change would have on the approval
of your mortgage loan.

While this is not a complete list...... Your Mortgage Loan depends on YOU as well as your lender. Communicate with your Loan Officer throughout the process. Asking lots of questions can only help you. 

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