Do’s and Don’ts During the Loan Process

MORTGAGE DO’s and DON’Ts

It is very important that you understand each detail.

DO Keep originals of all paystubs, bank statements and other important financial documentation.

DO Provide all documentation for the sale of your current home, including sales contract, closing statement, employer relocation/buy-out program if applicable.

DO Notify your Loan Officer if you plan to receive gift funds for closing costs.

DO Notify your Loan Officer of any employment changes such as recent raise, promotion, transfer, change of pay status; for example, salary to commission.

DO Be aware that a new credit report could be pulled just prior to closing.

DON’T Change jobs/employer without inquiring about the impact this change might have on your loan.

DON’T Make major purchases during or prior to closing, such as a new car, furniture appliances, etc., as this may impact your qualifying debt to income ratios.

DON’T Obtain and/or deposit unusually large sums of money without notifying you Loan Officer. Many loan guidelines require documentation as to the source of these funds.

DON’T Close or open or transfer any asset accounts without asking your Loan Officer about the proper documentation required for your loan file, e.g. transferring all funds in your checking account into your savings account.

DON’T Open or increase any liabilities, including credit cards, signature loans or other lines during the loan process as it may impact your qualifying ratios.