DO'S AND DON'TS DURING THE MORTGAGE LOAN PROCESS

We know life happens. When you’re trying to buy a home, please keep these guidelines in mind in order to have a smooth experience:

1.- Do NOT quit or change jobs, reduce hours or become self-employed

2.- Do NOT make any late payments

3.- Do NOT buy a vehicle unless your plan to live in it

4.- Do NOT make any large purchases prior to closing, including new furniture (even if no payment is required or it’s interest free. Example: one-year same as cash)

5.-Do NOT increase your balances or max out your credit cards

6.- Do NOT shop for any new credit cards/ accounts

7.- Do NOT co-sign for a loan or credit card with another person

8.- Do NOT spend money you have saved for your down payment

9.- Do NOT get a gift for closing costs, or take out a loan against your retirement/ investment funds, WITHOUT TALKING TO YOUR LENDER FIRST . (There are specific guidelines to follow for cash gift to close)

10.- Do NOT make any large deposits into your bank account outside of payroll. Deposits outside of payroll will need to be documented. In some situations, these funds will NOT be allowed for closing.

11.- DO NOT DEPOSIT CASH!! DO NOT DEPOSIT CASH!!

12.- Do NOT change bank accounts or transfer funds to a new bank

13.- DO continue to pay all your existing bills ON-TIME

14.- DO check your email on a regular basis and if we ask for additional documentation, several times, please understand we need it. We are asking because it is important- even if what we are asking for it, and may sound crazy or redundant, or you feel it is unnecessary.

Some aspects of the mortgage loan process have changed, there are new guidelines and rules that we are required to follow.