DO continue to make payments on time for current mortgages, cars, credit cards, etc. DO paper trail, document, and explain any large or unusual deposits or withdrawals into accounts (checking, savings, stock, etc.). DO keep pay stubs, bank statements, tax forms, etc., in case the lender needs to update the documentation prior to closing. DO ask questions if something is unclear about the loan program, fees, and/or loan conditions. DO let the loan officer or mortgage broker know if anything changes. For example; employment, income, assets, credit history, etc. DO document that the earnest money deposit has cleared your account — obtain a copy of the cancelled check and/or the statement that reflects the funds have cleared. DO lock-in the interest rate, have homeowner’s insurance agent information available and provide updated documentation (pay stubs, bank statements, etc.) in a timely manner so as not to delay the closing. |
DO NOT increase credit card balances and/or loan balances. DO NOT apply for additional or new credit or put balances on a paid credit card. DO NOT ignore late payment and/or collection notices that are received during the mortgage process. DO NOT purchase anything that is “same as cash” — it will show on the credit report as a new debt. DO NOT buy furniture, cars, or appliances on credit until after closing. DO NOT lend money to family members, friends, etc. if it is needed for closing. DO NOT store money at home, place it in a bank account so it can be documented as savings throughout the loan process and can qualify as assets on hand. DO NOT have overdrafts on a checking account. DO NOT quit or change jobs during the loan process.
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