Whether you have purchased a home before or not, there are a few things to keep in mind before applying for a mortgage.
Do’s and Don’ts When Applying for a Mortgage:
- Keep originals or be able to access your employer/bank websites all pay stubs, bank statements and other important financial documents.
- Provide your Earnest Money Deposit from your own personal bank account or acceptable gift funds.
- Notify your Loan Officer if you plan to receive gift funds for closing. Gift funds are acceptable only if certain criteria are met.
- Notify your Loan Officer of any employment changes, such as a recent raise, promotion, transfer or change of pay status (for example, from salary to commission).
- Be aware that a new credit report could be pulled just prior to closing.
- Don’t close or open any asset accounts or transfer funds between accounts without talking with your Loan Officer about the proper documentation required for your loan.
- Don’t deposit any monies outside of your automated payroll deposits, particularly CASH or sale of personal property, without notifying your Loan Officer.
- Don’t change jobs/employer without inquiring about the impact this change might have on your loan.
- Don’t make major purchases prior to or during your contract, such as a new car, furniture, appliances, etc.
- Don’t open or increase any liabilities, including credit cards, student loans or other lines of credit during the loan process.