Here are some other helpful do’s and don’ts to get you through the mortgage process:
DO:
- Keep all records in good order: You’ll need a number of financial documents, keeping them organized will help make the process easier and more efficient.
- Track your income: Even though underwriters will verify your income through your employer or tax records, hang-on to new pay stubs.
- Organize your asset records: You’ll need to continue collecting savings, checking, and investment account statements.
- Document any cash gifts: If any of your down payment or closing costs will be funded by a gift from an eligible donor, they’ll need to sign a gift letter (that we provide) and an account statement showing where the funds came from.
- Maintain your current rent or mortgage obligations: If you’re a renter, keep paying your rent on time and get a proof of payment. If you’re selling your current home, have your closing disclosure handy.
- Preserve your credit rating: Keep making all of your payments on time and in full. Negative changes to your score could affect your rate, pricing, or even your approval status.
DON’T:
- Apply for a new credit card or financing: Changes in credit could change the terms of your mortgage and even prevent closing. If you have to open a new account, call us first.
- Job hop: Changes in employment and even bonus structure can throw a wrench into things. So if you can, stay where you are during the processing stage.
- Make undocumented transactions: Money coming in and out of your possession can complicate things. Keep your deposits separate and small, avoid cash deposits, and make copies of all checks and deposit slips.
- Cash out investment funds or retirement accounts: If you have to, do it early in the underwriting process, and document all transactions.
- Be shy about asking questions: Helping you through the process is what our loan officers love to do. No question is too big or too small.
