DO keep all pay stubs, bank statements and other important financial documentation. We are required to update any documents that are over 30 days old prior to the closing of your mortgage loan. (This is required even if your loan is approved.)
DO provide all documentation for the sale of your current home. (e.g. sales contract, closing statement, employer relocation/buyout program.)
DO gather all debts not listed on a credit report such as child support and a repayment plan on any accounts such as retirement, GI Bill, advance pay, etc.
DO gather the last two (2) years of W-2s and create a list of employer contact information and addresses to cover the last 24 consecutive months.
DO pay bills in a timely manner.
DO plan to gather a gift letter if you will be receiving gift funds.
DO call your Loan Officer for a prequalification form or you can complete our online prequalification form.
DON’T change jobs or employers without inquiring about the impact this change would have on the approval/approvability of your mortgage loan.
DON’T make major purchases during or prior to closing (e.g. new car, furniture, appliances, electronics, etc.) because this might impact your qualification ratios. Please confer with your loan officer to have him/her calculate what your ratios would be with any additional debts.
DON’T obtain and/or deposit sums of money over $500 without notifying your loan officer. Conventional/VA/FHA/USDA guidelines require documentation as to the source of these funds (e.g. copy of bonus check, copy of tax refund, copy of insurance settlement, gift letter with copy of check and deposit slips, etc.).
DON’T open, close or transfer any asset accounts without inquiring about the proper documentation required for our loan file (e.g. if you transfer all the funds in your stock account to your savings account, documentation is required).
DON’T open or increase any liabilities, including credit cards, signature loans, etc., during the loan process. An increase in debts owed may result in your application being denied.