Don't APPLY FOR CREDIT CARDS/NEW DEBT Don't apply for new credit of any kind. The creditor's inquiry will show up on your credit report, and we will have to verify there is no new outstanding debt. Credit is typically monitored during the loan process, so any new activity will be uncovered before your settlement. If you are planning to add a debt or pay off debts before closing, wait until you have spoken with your Loan Officer first to make sure you won't endanger your loan approval or settlement date. Do REVIEW YOUR CREDIT REPORT The best way to get a jump start on your mortgage process is to know what your creditors are saying about you and the accuracy of the information. Request a copy of your report with your Loan Officer and confirm any inaccurate or OMITTED information. Credit reports are not always accurate, but corrections can be made quickly, as long as the proper documentation can be obtained. Do HAVE FINANCIAL PAPERS READY Keep all pages of your tax returns, along with any W2's, 1099's, or K1's, and any other financial papers from the past two years in a handy place. if you sold a home in the past two years, have your (HUD-1) Settlement Sheet or Closing Disclosure handy. During the loan process, you may have to provide a document that you did not anticipate you would need. Save all pages of all bank statements and paystubs from now until closing. They could be needed for your loan approval, so keep everything handy. Do TALK TO YOUR L/O BEFORE ACCEPTING FINANCIAL GIFTS Gifts from relatives are very common in the purchase of a home, but there are specific ways a gift must be handled. if you are getting a gift, hold off on receiving it until you have spoken with your Loan Officer. you will want to understand exactly how to receive the funds and what documentation would be required.
QUESTIONS? I am happy to help. Please call, email, or text me with any questions you may have today!
Shawn Hunt Loan Officer – The Hunt Team SVP, Area Manager NMLS ID# 1098459 M: (443) 783-0910 www.HuntTeamMortgage.com CMG Home Loans | NMLS ID# 1820
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