There are things that you can do to prevent issues during the loan process. Please keep in mind your income, assets, and credit will be re-verified right before closing/funding.
Things to do
• Do notify us if your salary or compensation changes from when we started your loan application
• Do keep all accounts current (mortgage, car payments, credit cards, etc.)
• Do update us if you change address locations from the start of your original application
• Do keep documentation on any large deposits into your account: copies of checks, deposit slips, forms to liquidate assets to document forms of assets for the loan
• Do obtain homeowner’s insurance with minimum coverage equal to the amount of your total loan or replacement value of the house
Things NOT to do
• Don’t make cash deposits, transfer money between bank accounts or close out your current checking/savings account
• Don’t change jobs unless you consult with us first, be sure to stay in the same line of work for equal or higher pay
• Don’t apply for any new auto loans, credit cards, student loans, etc.
• Don’t co-sign with anyone to obtain credit during your loan process
• Don’t negotiate your purchase agreement with an allowance and expect to receive money at closing. An allowance can only be used to pay closing costs and/or prepaids
If you have any questions, we are here to help!
