DON’T – Change Jobs
This change could STOP your mortgage loan. We will re-verify your current employment on the same day of your closing.
DON’T – Buy a Car or Make A Major Purchase
If you need to make a large purchase like furniture, a refrigerator, or anything expensive, please call me to make sure that it doesn’t have a negative impact on your qualifications. We do not want this to stop your loan. You will have to sign a letter at closing that states you have not opened any new credit since your loan application.
DON’T – Deposit Any Funny Money
Cash at home cannot be used! Any deposit over $200 in your checking or savings accounts will need to be verified if it doesn’t come from your paycheck. Guidelines require documentation of these funds (bonus checks, copy of tax refund, gift letter with copy of check). No cash advances on your credit cards allowed. Call me immediately if your are going to use a gift.
DON’T – Close Any Credit Cards Or Open New Credit Cards
If you transfer money from one account to another, we need to see this documentation. Closing a credit card can lower your credit score! Please call me if you are looking at closing any of your accounts. Your credit report may be re-checked the day of closing. We don’t want any surprises at this time.
DON’T – Change Your Closing Date
If you need to change or move the closing date on the home you are buying or selling, I need to know immediately.
DO – Ask Questions
If you think there is something about your file that we need to know (a gap of employment over 45 days in the last two years, you haven’t filed last year’s tax returns, you are about to get married, or you are selling a home and it may not close on time or not at all) please give me a call or email.
DO – Keep Your Originals – Paycheck Stubs and Bank Statements
We are required to update any documents that are over 30 days old prior to the closing of your mortgage loan (even if your loan is approved).
DO – Provide Documentation for the Sale of Your Current Home
We need the sales contract, closing statement – HUD-1 Settlement Statement if you are selling your current home.
DO – Let Me Know If You Will Receive Gift Funds or Need a Power of Attorney
If you are receiving a gift for your down payment or closing cost, I need to know as soon as possible. If you are married, both you and your spouse are required to be at closing. If one of you is unable to attend, we will provide you with a Power of Attorney (POA) so you can close. This POA must be “Real Estate Specific,” so please let me know as soon as possible.
DO – Contact Me About Employment Changes Before They Happen
If you change employment, get a raise, a promotion, or a change of pay, such as salary to commission, or have a leave of absence, I need to know this as soon as possible.
Thank you for helping me on your home loan!