The mortgage process of obtaining a loan can be somewhat challenging. Making a decision can easily kill the mortgage process and keep you from accomplishing your goals. Here is a list of do’s and don’t to keep you in the “know” while your mortgage process has started.
DO- ASK QUESTIONS
If you think there is something about your mortgage loan that we need to know about (a gap of employment over 45 days in the last 2 years, you haven’t filed last years tax returns, you are about to get married, or you are selling a home and it may not close on time or not all) please call me or email me.
DO- KEEP YOUR ORIGINALS – PAYCHECKS AND BANK STATEMENTS
We are required to update any documents that are over 30 days old prior to the closing of your mortgage loan (even if your loan is approved)
DO- PROVIDE DOCUMENTATION FOR THE SALE OF YOUR CURRENT HOME
We need the sale contract, closing statement, HUD-1 Settlement Statement if you are selling your current home and mortgage.
DO- LET ME KNOW IF YOU RECEIVE GIFT FUNDS OR NEED A POWER OF ATTORNEY
If you are receiving a gift for your down payment or closing costs for your mortgage, I need to know as soon as possible. If you are married, both you and your spouse are required to be at closing. All POAs must be “Real Estate Specific” so please let me know as soon as possible. They also must be reviewed and accepted by our attorneys prior to closing.
DO- CONTACT ME ABOUT EMPLOYMENT CHANGES BEFORE THEY HAPPEN
If you change employment, get a raise/promotion, change of pay, such as salary to commission or have a leave of absence, I need to know this as soon as possible to update your mortgage profile.
DO- CONTINUE TO PAY YOUR BILLS ON TIME
You must continue to make payments on all your existing debts. Your credit report may be re-checked the day of closing. Missing payment or making a late payment will impact your credit score and could result in a disqualification of the mortgage loan you are applying for.
DO- NOTIFY ME IF YOUR MARITAL STATUS CHANGES
DON’T- CHANGE JOBS
This change could STOP your mortgage loan. We will re-verify your current employment on the same day of your closing.
DON’T- BUY A CAR OR MAKE ANY MAJOR PURCHASES
If you need to make a large purchase like furniture, refrigerators, or anything expensive please call me to make sure that it doesn’t have a negative impact on your mortgage loan qualifications. We do not want this to stop your mortgage loan. You will have to sign a letter at closing that states you have not opened any new credit since your application.
DON’T- DEPOSIT ANY FUNNY MONEY
CASH AT HOME Cannot be used! Any deposit over $200 in your checking account or savings account will need to be verified if it doesn’t come from your paycheck. Guidelines require documentation of these funds (bonus checks, copy of tax refund, gift letter with a copy of the check.) NO CASH ADVANCES ON YOUR CREDIT CARDS! Call me immediately if a gift is being used.
DON’T- CLOSE ANY CREDIT CARDS OR OPEN NEW CREDIT CARDS
If you transfer money from one account to another we need to see this documentation. Closing a credit card can lower your credit score. Please call me if you are looking at closing any of your accounts. Your credit report may be re-checked the day of closing. We don’t want any surprises at this time!
DON’T- CHANGE YOUR CLOSING DATE
If you need to change or move your closing date on the home you are buying or selling, I need to know immediately.