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 notify your loan officer if you plan to receive gift funds.
DO keep a “paper trail” of any large deposits or balance transfers.
DO bring a cashier’s check made payable to the title company for the down payment and closing cost.
DO notify your loan officer of any employment changes (i.e., change of employer; recent raise/promotion; change of pay status, such as salary to commission, etc.).
DO Check out the neighborhood at different times of the day.
DO Contact your insurance agent early in the process.
Do's and Don'ts
DON’T change jobs/employer without inquiring about the impact this change would have on the approval/approvability of your mortgage loan.
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 him/her calculate what your ratios would be with any additional debts.
DON’T obtain and/or deposit sums of money over $500 without notifying your loan officer. FNMA/HUD 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 close/open 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 open or increase any liabilities, including credit cards, signature loans, etc., during the loan process. Please check with you loan officer for any documentation that will be required and what impact this would have on your qualification ratios.