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DO’S AND DON’TS
WHILE YOUR LOAN IS IN PROCESS ...
DO’S
- DO keep originals of all pay stubs, bank statements and other important
financial documentation. Direct Access Lending is 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 (i.e.
sales contract, closing statement).
- DO notify your Loan Consultant if you plan to receive gift funds,
bonus income, vacation/paid time off pay, incentive income or other
lump sum amounts of money outside of your hourly/salary income.
- DO notify your Loan Consultant of any employment changes (i.e. change
of employer, recent raise/promotion, change of pay status, such as salary
to commission, etc.).
DON’TS
- DON’T change jobs/employers without inquiring about the impact
this change would have on the approval/approvability of your mortgage
loan.
- DON’T make a major purchase during or prior to closing (i.e.
new car, furniture, appliances, electronics) as this may impact your
qualification ratios. Please confer with your Loan Consultant 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 (outside
of normal income) without notifying your Loan Consultant. FNMA/HUD guidelines
require documentation as to the source of these funds (i.e. copy of
bonus check, copy of tax refund, copy of insurance settlement, gift
letter with copy of check and deposit slips, etc.).
- DON’T close/open or transfer any asset accounts without inquiring
about the proper documentation required for your loan file (i.e. 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 card,
signature loans, etc. during the loan process. Please check with your
Loan Consultant for any documentation that will be required and what
impact this would have on your qualification ratios.
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