MORTGAGE checklist START YOUR HOMEOWNERSHIP JOURNEY WITH OUR
REMEMBER... Always speak with your loan officer prior to closing or opening any new accounts or making any transfers between existing accounts. Avoid depositing funds separate from your payroll before speaking with your loan officer first. This is especially important for cash deposits and the sale of personal property. Stay away from making major purchases (i.e. car, furniture, appliances) both before and during your contract. Substantial purchases such as these will greatly impact your loan qualification. Do not open any new lines of credit during the loan process. This will significantly impact the loan amount that you qualify for.
FINANCIAL DOCUMENTS. Keep all significant financial documents (i.e. bank statements, pay stubs) in one central, safe location. If you can, keep all original documents and/or make sure you have access to them via your bank or employer. EARNEST MONEY. Locate your Earnest Money Deposit through your bank account and be able to provide this documentation when necessary. If not done correctly, this will cause major problems down the line. For a more in-depth explanation of this process, talk to your loan officer. SALES DOCUMENTS. Regarding the documentation for the sale of your current home (i.e. sales contract, closing statement), keep these documents handy and ready to provide to your loan officer. GIFT FUNDS. If you plan on receiving gift funds, be sure to notify your loan officer right away. It is important to note that gift funds are not always able to be accepted, as they must meet a specific set of criteria. For example, credit card advances for down payments and/or closing costs are not accepted. EMPLOYMENT STATUS. Any change in employer or employment status must be reported to your loan officer as soon as possible. Changes in employment that require a report to your loan officer include (but are not limited to) raises, promotions, and transfers. CREDIT REPORT. Keep an eye on your credit report. It is not uncommon for a new credit report to be requested right before closing.
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