Helpful Do's and Don'ts
DO
- DO keep all pay stubs, bank statements and other important financial documentation.
- DO provide documentation for the sale of your current home, including the sales contract, closing statement, employer relocation/buyout program, etc.
- DO notify your lender if you plan to receive gift funds for closing costs.
- DO notify your lender of any employment changes, including a change of employer, a recent raise or promotion, transfer and change of pay status (such as salary to commission scale), etc.
DON'T
- DO NOT change jobs or employers without inquiring about the impact this change would have on the approval of your mortgage loan.
- DO NOT make major purchases such as new cars, furniture, appliances, or electronics during the processing or prior to the closing of your loan. Please consult your lender to have him/her calculate what your ratios would be with any additional debt.
- DO NOT deposit an unusually large sums of money without notifying your lender. FNMA/HUD guidelines require documentation as to the source of these funds. In the event of a large deposit, documentation would be required such asa copy of your bonus check, tax refund, insurance settlement, or gift letter (with check and deposit slip).
- DO NOT open, close, or transfer any asset accounts without inquiring about the documentation required for your loan file. A good example is if you trasfer all the funds in your stock account to your savings account, documentaion of the transfer is required.
- DO NOT open or increase any liabilities during the loan process. Please check with your lender to determine what impact this would have on your qualification ratios.