Do’s
Do keep copies of earnest money, option and upgrade deposit checks along with the bank statements to verify the checks clearing your account.
Do keep originals of all pay stubs, bank statements and other important financial documentation. Mortgage companies are required to update any documentation that is over 180 days old prior to closing of your loan.
Do provide all documentation for the sale of your current home. (Sales contract, closing statement, employee relocation/buyout program).
Do notify your Loan Officer if you plan to receive gift funds for closing costs.
Do notify your Loan Officer of any employment changes. (Change of employer, recent raise/promotion, transfer, change of pay status, movement from salary to commission, etc.)
Do continue to pay your mortgage/rent and all other bills on time.
Do provide all requested documentation promptly.
Don’ts
Don’t allow any unnecessary credit checks.
Don’t change jobs without inquiring about the impact such a change might have on the approval/approvability of your loan.
Don’t make major purchases during or prior to closing (new car, furniture, appliances, electronics, etc.) as this may 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 unusually large sums of money without notifying your Loan Officer. FNMA/ HUD guidelines require documentation as to the source of these funds. (Copy of bonus check, tax refund, insurance settlement, gift letter with copy of check and deposit slips, etc.)
Don’t close/open or transfer any asset accounts without acquiring proper documentation required for your loan life (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 your Loan Officer for any documentation that will be required and what impact that would have on your qualification ratios.
Don’t pack, ship or discard any of the documentation provided in support of your loan that may be required at a later date, such as W-2’s, tax returns, bank statements, divorce decree and DD214 if applicable.