Here are just a few guidelines to follow when applying for a mortgage.
DO
- PROVIDE requested documents in a timely manner
- KEEP YOUR ORIGINAL DOCUMENTS on hand or be able to easily access pay stubs, bank statements or other important financial documents
- STAY LIVING at your current residence
- Use your CREDIT CARDS as normal
- KEEP WORKING at your current employer
- NOTIFY YOUR LOAN ORIGINATOR of any employment changes, including pay raises, promotions, transfers, layoffs or terminations.
- KEEP YOUR ACCOUNTS CURRENT by paying your bills on time, including your current mortgage
- BE AWARE your credit is monitored up to the day of closing
- PROVIDE ALL DOCUMENTS for the sale of your current home to your loan originator
- CALL if you have any questions or concerns
DON’T
- OPEN, CLOSE OR TRANSFER FUNDS between bank accounts without checking with your loan originator
- DEPOSIT MONEY into your account (other than payroll deposits), without notifying your loan originator. Large cash deposits from the sale of personal property, require specific documentation that must be on file
- MAKE LARGE PURCHASES: Cars, furniture, appliances may effect your loan qualifications
- INCREASE LIABILITIES: Credit cards, student loans, or any lines of credit
- OPEN NEW CREDIT CARDS, close credit card accounts, consolidate credit cards, max out your cards or make large purchases
- JOIN a new fitness club
- OPEN a new cell phone account
- OMIT DEBTS or liabilities from your loan application
- SPEND THE MONEY you have set aside for closing
- CHANGE JOBS, quit your job, or become self-employed
