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Mortgage Do's and Don'ts

  • Continue living at your current residence.
  • Continue to make your mortgage or rent payments on time.
  • Notify your loan officer if you plan to receive gift funds for the down payment of your transaction.
  • Notify your loan officer of any current employment changes: promotion, pay increases, etc.
  • Continue to use the same insurance company.
  • Continue to use your credit card as you normally would.
  • Keep copies of all important financial documents: check/paystubs, W-2s, tax returns, bank/investment account statements, rental agreements, etc. Promptly provide all documents requested by your loan officer to avoid any delays.
  • For any documents provided, please provide all pages, even in blank.
  • Contact your loan officer of any potential changes regarding your employment, credit cards or assets.
  • DON’T ~ Make a major purchase (car, boat, etc.)
  • DON’T ~ Change jobs without consulting your loan officer. Your lender must verify your employment, so it’s crucial to maintain employment status.
  • DON’T ~ Apply for new credit or loans of any kind. Credit inquiries may hurt your credit score, and will have to be explained.
  • DON’T ~ Max out or Close credit card accounts. This may increase your debt ratio.
  • DON’T ~ Pay off any collections or charge-offs before consulting your loan officer.
  • DON’T ~ Consolidate your debt into fewer accounts.
  • DON’T ~ Start any home improvement projects.
  • DON’T ~ Move/transfer funds between bank accounts without consulting your loan officer.
  • DON’T ~ Make any cash deposits or large deposits that are outside of your payroll deposits unless 100% necessary. If you must, save all the documentation showing where the funds came from.
  • DON’T ~ Co-sign on another person’s loan.
  • DON’T ~ Plan a vacation during your loan transaction without consulting your loan officer.