- DO continue to make payments on time for current mortgages, cars, credit cards, etc..
- DO paper trail, document, and explain any large or unusual deposits or withdrawals into accounts such as checking, savings, stock, etc.
- DO keep pay stubs, bank statements, tax forms, etc., in case the lender needs to update the documentation prior to closing.
- DO ask questions if something is unclear about the loan program, fees, and/or loan conditions.
- DO let the loan officer or mortgage broker know if anything changes, for example, your employment, income, assets, credit history, etc.
- DO document that the earnest money deposit has cleared your account; obtain a copy of the cancelled check and/or statement that reflects the funds have cleared.
- DO lock-in the interest rate. These are ordinarily thirty to sixty days and definitely worth it if rates are trending upward.
- DO have homeowner’s insurance agent information available and provide updated documentation (pay stubs, bank statements, etc.) in a timely manner so as not to delay the closing.
- DO NOT increase credit card balances and/or loan balances.
- DO NOT apply for additional or new credit or put balances on a paid credit card.
- DO NOT ignore late payment and/or collection notices that are received during the loan process.
- DO NOT purchase anything that is “same as cash”, as it will show on the credit report as a new debt.
- DO NOT buy furniture, a new car or appliances on credit until after closing. This is the most common “don’t” action that has occurred during my sales.
- DO NOT lend money to family members or friends if the money is needed for closing.
- DO NOT store money at home; place it in a bank account so it can be documented as savings throughout the loan process and can qualify as assets on hand.
- DO NOT have overdrafts on a checking account.
- DO NOT quit or change jobs during the loan process.
