RESOURCES

We know it is tempting to begin making your house a home or to spend money on fixing up your existing home, but we suggest you keep your finances stabilized until your loan closes.

Here are some Do’s and Don’ts to follow:

DO's
•   Keep all originals, and have access to all of your pay-stubs, bank statements and other important financial documents.
•  Always watch your credit report. It may be pulled prior to closing.
•  Notify your Loan Originator if you plan to receive gift funds for closing.
•  Notify your Loan Originator of any employment changes such as recent raises, promotion, transfer, change of pay stubs, for example salary to commission.
•  Make timely payments on all current debt obligations, including any current mortgage, car, student loan or credit card.
•  Notify Loan Originator of any loss of income.
•  Notify Loan Originator of any depletion of funds needed to close.
•  Notify Loan Originator of any change of current address, phone or e-mail.

DON'TS
•  Close or open any asset accounts or transfer funds between accounts without receiving the correct documentation required for your loan.

•  Change jobs/employer without inquiring about the impact this might have on your loan.
•  Make major purchases during the loan process such as a new car, furniture, appliances, etc. as this may impact your loan qualifications.
•  Open or increase any liabilities; including credit cards, student loans or other lines of credit during the loan process.
•  Advance any cash from credit card or borrow funds for closing.
•  Alter any documents in any way.

 

Be aware of inquiries credit. A soft pull credit report is completed prior to closing and any inquiries will need explanation and/or documentation.

We are a phone call away if you any questions regarding these do’s and don’ts to make your mortgage loan process smooth.

1. Applications are to be accompanied by a non-refundable deposit, non-refundable from applicant collected after initial disclosures are provided to borrower and credited at closing.

2. A legible copy of the purchase agreement and any addendum signed by both buyer and seller.

3. Two years of address history, including street address, city, state, and zip code. The names of all mortgage holders or landlords, including full addresses, plus telephone numbers for all landlords.

4. Two years of employment history, including employers’ names, addresses, zip codes and telephone numbers.

5. Most recent 30 days of pay stubs or salary vouchers for each borrower.
 

6. Most recent two year W-2’s and tax returns.
 

7. If either borrower is self-employed, has rental property, or relies on commission income or over- time to qualify, copies of last two years Federal Tax Returns with all schedules must be furnished.
 

8. Names, addresses, and account numbers for each deposit account to verify source of funds for closing.
 

9. Most recent two months bank statements for all accounts.
 

10. If funds for closing are coming from the sale of current property, estimated proceeds statements and copy of purchase agreement should be presented.
 

11. Names, addresses, and account numbers for all open credit cards, car loans, mortgage loans, and revolving accounts. Also provide the required payment and approximate balance on each open account.
 

12. If both borrowers work outside the home and have small children, show information about childcare costs or a statement that there are no child care costs (VA only).
 

13. If either borrower is divorced, need copy of final decree and stipulation.
 

14. If either borrower is obligated to pay alimony or child support, evidence that payments are current. If either borrower wishes to use alimony or child support to help qualify for the loan, evidence that the payments are current and have been current for the last twelve months. (Copy of payment ledger.)
 

15. Copy of Social Security cards, drivers license, or resident alien card.