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The Do’s and Don’ts Of Getting A Mortgage

DO’S
  • DO Provide all requested financial documentation within 24 hrs
  • DO Disclose all of your income that you would like considered for qualifying purposes
  • DO Disclose all of your debts (i.e. side business, alimony, child support, additional real estate owned etc.)
  • DO Be upfront about your credit (good, bad or otherwise)
  • DO Pay all of your bills on time (mortgage, rent, car payments, credit cards, etc.)
  • DO Continue to use your credit card as you normally would, but not excessively
  • DO Make your spouse available to sign at closing if purchasing a primary residence
  • DO Keep in communication with your Mortgage Loan Advisor or Loan Partner
DON’TS
  • Without talking to your Mortgage Loan Advisor first
  • DON’T Change or quit your job
  • DON’T Apply for New Credit or Loans of any kind
  • DON’T Pay off debts, collections or charge-offs (unless advised to do so by your Mortgage Loan Advisor)
  • DON’T Move
  • DON’T Co-sign or become a co-borrower on any other loan
  • DON’T make major changes to your asset structure
  • DON’T make any cash deposits into your bank accounts

It’s All About Balancing Values

“DO’S”

  • Do continue to make rent or mortgage payments where you are currently living.
  • Keep your payments current on all debts
  • Keep your employment with the company on your application or in the same line of business.
  • Maintain status quo with spending habits.
  • Enroll in credit monitoring through a bank or credit union to monitor changes to your credit report.

“DON’TS”

  • Don’t make any major purchases.
  • Don’t apply for new credit.
  • Don’t open new credit card accounts.
  • Don’t transfer credit card balances.
  • Don’t take out any other loans.
  • Don’t open a new cell phone account.

Remember: Your income, expenses and your credit score all heavily factor into your lending approval. Treat them with care!

You’ve set your sights on being a homeowner and you’ve received your approval from your mortgage banker. It’s all smooth sailing from here until closing, right? Not quite. If your financial situation changes at any time from when you applied until when you close, your mortgage loan may be impacted.

Because your loan was approved based on income, expenses and your credit report, any fluctuations to any of these items may cause your loan approval to be invalid. Depending on the loan type you are getting, there may be specific credit and income requirements.