Keep Your Financial Documents Handy

Ensure you have access to all pay stubs, bank statements, and other critical financial documents. These are essential for your mortgage application and approval process.

Use Personal Funds for Earnest Money Deposits

Provide your Earnest Money Deposit from your own personal bank account or acceptable gift funds. This can avoid complications later on.

Document the Sale of Your Current Home

If you’re selling your current home, provide all relevant documentation, including the sales contract and closing statement. This helps streamline the transition to your new home.

Notify Your Loan Consultant About Gift Funds

If you’re receiving gift funds for closing, inform your Loan Consultant. These funds are acceptable only if specific criteria are met.

Report Employment Changes

Any changes in your employment, such as a raise, promotion, or change in pay status, should be reported to your Loan Consultant. A new credit report may be pulled before closing.

Avoid Unnecessary Financial Moves

Don’t close or open any asset accounts or transfer funds without consulting your Loan Consultant. Proper documentation is crucial for your loan.

Don’t Make Large Deposits Without Notification

Avoid depositing large sums of money outside of your regular payroll deposits without notifying your Loan Consultant. Significant deposits require substantial documentation.

Avoid Job Changes

Changing jobs or employers can impact your loan process. Always consult your Loan Consultant before making such changes.

Refrain from Major Purchases

Don’t make major purchases, such as a car or furniture, before or during the loan process. These can affect your qualifying amount.

Do Not Increase Liabilities

Avoid opening or increasing credit lines or other liabilities during the loan process, as this can impact your loan qualification.