Bill's Real Estate Blog - News to Use!

J DO keep originals of all pay stubs, bank statements and other important financial documentation. Your mortgage company will update any documents that are over 30 days old prior to the closing of your mortgage loan. (This is required even if your loan is approved.)

J DO provide all documentation for the sale of your current home. (i.e., sales contract, closing statement employee relocation/buyout program.)

J DO notify your mortgage company if you plan to receive gift funds for closing costs.

J DO notify your mortgage company of any employment changes (i.e., change of employer, recent raise/promotion, transfer, change of pay status, such as salary to commission scale, etc.)

J DO start checking out homeowner’s insurance companies; once you choose one; notify us no later than 2 weeks prior to the closing date.

J DO plan on opening an account with a local bank as the funds required to close will have to be Certified Funds or wired to the Title Company for the amount due.

L DO NOT change jobs/employer without inquiring about the impact this change would have on the approval of your mortgage loan.

L DO NOT make major purchases during or prior to closing (i.e., new car, furniture, appliances, electronics, etc.) as this may impact your qualification ratios.

L DO NOT obtain and/or deposit unusually large sums of money without notifying your mortgage company. Underwriting guidelines require documentation as to the source of these funds (i.e., copy of bonus check, copy of tax refund, copy of insurance settlement, gift letter with copy of check and deposit slips, etc.)

L DO NOT close/open or transfer any asset accounts without acquiring the proper documentation required for your loan file. (i.e., If you transfer all the funds in your stock account to your savings account, documentation is required.)

L DO NOT open or increase any liabilities, including credit cards, signature loans, etc., during the loan process. Please check with us for any documentation that will be required and what impact this would have on your qualification ratios.