MORTGAGE DOs & DONTs DOs:
• KEEP ALL RECORDS AND DOCUMENTS IN GOOD ORDER
• AVAILABILITY - Keep your financial records close at hand in case updates are requested.
• INCOME - Be aware that underwriters typically verify your income and tax documents through your employer(s), CPA, and/or IRS tax transcripts. Hold onto new paystubs as received.
• ASSETS - Continue saving account statements. Keep all numbered pages of each statement. Ex. 8 of 8.
• GIFTS - If you’re receiving any gift money from relatives, they’ll need to sign a gift letter (we’ll provide) and an account statement evidencing the source, which must be “seasoned” funds. • CURRENT RESIDENCE - If you’re renting, continue paying your rent on time and save proof of payment. If you’re selling your current residence, be prepared to show your closing disclosure. If you’ll be renting your home, you may need to show sufficient equity, a lease and receipt of the first month’s rent and security deposit. • KEEP YOUR CREDIT SHINING - Continue making payments on time. Your credit report may be refreshed, and any negative change to your report could cause you to lose your approval and your home. • UNDERSTAND THAT THINGS HAVE CHANGED - Underwriters require more documentation than in the past. Even if requests seem silly, intrusive or unnecessary, please remember that if they didn’t need it, they wouldn’t ask.
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