DOs and DON'Ts of the Mortgage Process
DO
- Contact your lender. When any information you provided changes (address, job, salary, properties owned, etc.)
- Keep records. Of all bank transactions, especially large transfers from one account to another.
- Get a Homeowners Insurance quote. As soon as you are under agreement.
- Protect your credit scores. Stay on top of any changes that may impact your loan.
DON'T
- Change jobs. Switching jobs, becoming self-employed, quitting, or moving to part-time can impact your approval.
- Make large deposits or transfers. Into your bank accounts. All deposits must be sourced and documented.
- Consolidate credit cards. Open new lines of credit, or co-sign someone else’s loan.
- Have others pay your down payment. Without speaking to your Loan Officer beforehand.
