WHAT TO DO OR NOT TO DO WHEN HAVING A LOAN

Do Not:

 

  • DO NOT apply for new credit or authorize the pulling of your credit.

  • DO NOT make any deposits over $500 (except for customary payroll deposits) into your bank accounts.

  • DO NOT bounce any checks or permit any account to fall in a negative balance.

  • DO NOT make any large purchases, cash advances OR incur significant charges on your credit cards.

  • DO NOT quit or change jobs until you have closed on your house.

  • DO NOT take it personally if you’re requested to provide additional information about your income or deposits. All information will remain completely confidential.

  • DO NOT Pay off any collections or charge-offs before consultation

  • DO NOT Change bank accounts or banks unless advised

  • DO NOT Consolidate your debt into fewer accounts

  • DO NOT Start any home improvement projects

  • DO NOT Close credit card accounts

  • DO NOT Transfer checking or savings balances from one account to another

  • DO NOT Max out or over charge existing cards

  • DO NOT Raise red flags to the underwriter (i.e. co-signing on another person’s loan, change your name and address)

  • DO NOT Plan a vacation during your loan transaction without informing your loan officer

  • DO NOT give notice to your landlord before consulting with your loan officer

  • DO NOT open a new cell phone account

Do's:

 

  • Promptly provide legible copies of all pages of each document requested by your mortgage banker throughout the mortgage process.

  • Continue to pay all financial obligations on time (credit cards, car loans, existing mortgage, etc.).

  • Provide your mortgage banker with the contact information of the agent through which you are obtaining homeowner’s insurance.

  • Communicate openly and honestly and do not hesitate to contact your mortgage banker with any questions throughout the process. 

  • Provide a copy (both sides) of your earnest money check after it has cleared your bank along with accompanying bank statement reflecting the withdrawal.

  • Notify your mortgage banker of any changes to the sales contract (i.e. closing date, sales price, etc.).

  • Ask your agent or seller if the property is in a flood zone as you may be required to obtain flood insurance.

  • Continue to use the same insurance company

  • Continue living at your current residence

  • Continue to use your credit card as you normally would

  • Keep credit card balances at or below 40% of credit limits

  • Call us before doing anything regarding your employment, credit cards or assets.

  • Enroll in credit monitoring through a bank or credit union to monitor changes to your credit report.