Do's and Don'ts During the Mortgage Process

DO the following:

DO plan on wiring funds for closing directly to the title company. If you will be receiving gift funds - closely follow the instructions provided by our team and ensure that the gift donor wires the funds to the title company and not to you.

DO alert a member of our team immediately if your salary (or other compensation) changes from what is documented on your original loan application.

DO keep documentation for all significant deposits to your bank accounts. We will need to compile a paper trail of all sources of funds for closing. Keep copies of checks, deposit slips, proof of transfer of funds, or forms showing asset liquidation. Please ensure that our team is aware of all sources of funds for closing so we can provide you with a list of required documentation.

DO determine the homeowners insurance agency/agent that you will be using to insure your home. Notify your agent that you will need minimum coverage equal to the amount of your total mortgage or the replacement value of the home. Provide our team with the agent’s name and phone number as soon as possible.

DON’T do the following:

DON’T make any large purchases on existing credit without first consulting a member of our team.

DON’T acquire any additional lines of credit. For example, do not purchase a car, home furnishings or appliances; these purchases will negatively impact your debt-to-income ratios and will compromise your transaction. Please be aware that the credit bureau will be notified if any new credit is applied for.

DON’T co-sign for another individual on a loan or line of credit. This payment will show up on your credit as additional debt.

DON’T change jobs without consulting a member of our team. Changes in compensation could affect your ability to qualify. We are required to verify your employment on the day of closing.