The Do’s and Don’ts While Your Loan Is In Progress!
- DON’T Change Jobs – Please don’t change your employment without talking to me. This change could affect the pre-approval and final approval of your mortgage loan.
- DON’T Buy A Car – or make any major purchases prior to closing. Do not make any large purchases like buying furniture, refrigerators, or anything expensive. If you need to make a large purchase before closing please call me to see if your ratios can handle more debt. Higher debts could impact your qualification and stop your loan.
- DON’T Deposit Any Funny Money – except your regular paycheck. Don’t deposit any money over $200 in your checking or savings accounts. Guidelines require documentation of these funds (i.e. copy of bonus check, copy of tax refund, gift letter with copy of check and deposit slips, etc). NO CASH ADVANCES ON YOUR CREDIT CARDS! Call me immediately if a gift is going to be used.
- DON’T CLOSE, OPEN or TRANSFER money in bank accounts or Close Any Credit Cards. If you transfer money from one account to another we need to see this documentation. Closing a credit card can actually lower your credit score! Please call me to we can go over this if you are looking at closing any of your accounts.
- DON’T CHANGE YOUR CLOSING DATE – If you need to change or move the closing date on the home you are buying or selling, I need to know immediately. This can delay or stop your closing if we don’t have all the correct dates.
- DO Keep Your Originals – Paycheck stubs 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 sales contract, closing statement, HUD-1 Settlement Statement.
- DO Let me know of any employment changes BEFORE they happen – If you change employment, get a raise/promotion, change of pay, such as salary to commission or leave of absence.
Thank you for helping me on your home loan!