Mortgage Dos and Don’ts
Get started on the path to a smooth and successful loan process.
Here are some important dos and don’ts that you should know when applying for a home loan. To ensure the best chance of success for your loan, please read and consider carefully.
Make Sure You...
Keep all original copies of pay stubs, bank statements and other important financial documents.
Your financial status will be checked several times during the home loan process.
Keep Your Current Address
Continue to make rent or mortgage payments on time. If you are thinking of moving before your loan process is complete, call us to ensure your qualification status will not be affected.
Notify Your Loan Officer
If you expect to receive a large gift or any deposits made outside of your typical funds let your loan officer know. Also, call us at any time if you expect a depletion of funds to close or have a loss of income during your loan process.
Make Sure You Don't...
Change or Quit Jobs
Changing your income level or employment status can alter your qualification status for a mortgage. Few individuals on unemployment are able to qualify for a loan.
Make a Big Purchase
Purchasing a new car, boat or furniture can negatively impact your loan qualification status.
Overuse Credit Cards
Your credit score will be checked again right before closing on your home, so it is important to maintain a good credit score until the loan process is complete. You can maintain or improve your credit score by keeping credit card balances at or below 40% of credit limits.
Go On Vacation
If at any time you need to leave the country or go on vacation during your loan process, notify us immediately as this may delay your loan qualification or closing.