Compliments of Laura Berg, Sales Manager at CALIBER Home Loans.
Credit, income and asset situation is critical to maintain during the loan process. Here are some “do’s and don’ts” to follow once you have decided to buy a home:
Our goal is YOUR successful closing!
DO…stay current on all existing credit accounts – make those payments ON TIME!
DO …continue using your existing credit as normal – but without large purchases
DO ….provide all documents requested up front and keep all original paystubs, bank statements, tax returns and other financial documentation handy as you receive it. You may be required to update your loan file during the process
DO ….notify us if you are planning on receiving any gift funds for the down payment or closing costs
DO …notify us if you have any financial expenditures coming up during our loan process that will lower your assets
DO …notify us if you have any upcoming employment changes, raises, promotions, change in pay structure, etc
DO …respond promptly to all requests to provide documentation, sign documents, answer questions, etc.
DO …notify us if you are going on vacation at any time during the process
DO …be flexible and make yourself available for your home inspection and your closing appointment.
And now, The Don’ts!
DON’T ….apply for any new credit, open any new credit accounts or close any current ones
DON’T ….make any large purchases on your current credit accounts or increase your spending on current credit accounts – business as usual when it comes to credit
DON’T …co-sign for anyone else for a home or car loan or any other type of debt
DON’T …dispute any credit accounts on your credit report before or during the loan process – disputed accounts can alter your credit score
DON’T …pay off any collections or charge-off’s on your credit report unless advised by a credit professional or your mortgage consultant – activating these accounts by taking action may alter your credit score.
DON’T….make any type of employment or compensation changes without notification to your mortgage consultant
DON’T …close any current bank accounts, open any new bank accounts, or move money around between accounts
DON’T ….deposit any cash to your bank account without contacting your mortgage consultant to discuss the requirements of documentation and whether or not it will be accepted as funds for closing