DO:
• Ask questions and be informed
• Provide photocopies of all requested documentations in a timely fashion
• Keep your file current with the most recent copies of your pay stubs and bank statements
• Continue to make all payments on credit cards, loans and rental or mortgage accounts as agreed
• Maintain a paperwork trail on everything connected to your application. A good place to store this is the document folder provided to you at application
• Provide a copy of your pre-qualification or commitment letter and your Mortgage Loan Originator’s contact information to your Realtor, if you’re purchasing
• Ask the real estate agents/seller if they property is located in a flood zone. If it is, you may be required to obtain flood insurance coverage as a condition of our loan
• Consider requiring or conducting a home inspection as part of your purchase contract
• Consider negotiating a “Homebuyer Warranty” as part of your purchase offer (existing homes)
• Obtain a legible and fully executed copy (signed by all parties) or your purchase contract
• Make a copy of your escrow deposit check provided with your contract offer and provide evidence that is has been cashed/deposited by the escrow/closing agent
• Arrange for a homeowner’s insurance coverage binder on your home effective on the date of your closing. This is normally done after receipt of the appraisal
DON’T:
• Don’t apply or take out new credit cards, auto or personal loans or have new credit inquires in your credit bureau file during the course of your loan process and closing
• Don’t spend the money you have saved for your down payment and/or closing cost.
• Don’t buy furniture before you buy your house
• Don’t Co-sign for anyone
• Don’t give a 30 days’ notice to landlord or property management until after the closing.
• Don’t make any large unverifiable and undocumented deposits or withdrawals to your checking or savings accounts
• Don’t quit your job or change employment
• Don’t write any insufficient funds checks (NSF)
• Don’t take any cash advances or credit cards to pay for your escrow deposit
• Don’t withhold payments to accounts to be paid off in closing without first discussing it with your Mortgage Loan Originator
• Don’t make a “contract purchase offer” for an amount larger than your pre-qualification amount without first discussing the details with your Mortgage Loan Originator
• Don’t include any seller’s personal property (furniture, machinery, etc.) in the purchase contract as only real estate is permissible
• And most of all, don’t hesitate to call Nicole if you have any questions or concerns at all during the loan process! Nicole and her team are here to help!
