Do's and Don'ts During Your Loan Process
DO this while your loan is in process
DO - Provide us with your last 30 days of paycheck stubs, two months of bank statements and last two years of tax returnsWe are required to update any documents that are over 30 days old prior to the closing of your mortgage loan (even if your loan is approved). We need to know if you have not filed your most recent two years tax returns.
DO - Provide documentation for the sale of your current home when the sale is required for your new home purchaseWe need the signed Closing Disclosure upon closing.
DO - Let me know if you will receive gift funds or need a power of attorney (POA)If you are receiving a gift for your down payment or closing costs, we need to know as soon as possible. All POA's must be "Real Estate Specific" and must be notarized. They must also be reviewed and accepted by the Title Company and the Lender's attorneys prior to closing. Original(s) will be required at closing.
DO - Contact me about employment changes before they happenIf you change employment, get a raise/promotion, change of pay (such as salary to commission), have a leave of absence, or have a gap in employment over the last 30 days, we need to know this information as soon as possible.
DO - Notify me if your marital status changes - if you pay child support and/or alimonyIf you recently got married or are about to be married, we need to know. If you are married, both you and your spouse are required to be at the closing per Texas law.
If you are divorced, we need a copy of your final divorce decree. (signed and filed by the Judge). Please also tell us if you are not married but you filed a joint tax return within the past two years.
DON'T do this while your loan is in process
DON'T - Change jobs, quit your current job or become self-employedThese types of changes could STOP your mortgage loan. We WILL verify your current employment on the same day of your closing.
DON'T - Deposit any funny moneyCash at home cannot be used! Any deposit over $200.00 in your checking or savings account will need the source verified. Guidelines require documentation of these funds, (bonus checks, tax refunds, gift letter & copy of check). Let me know immediately if a gift is going to be used.
If you transfer money from one account to another we will need to see documentation to source the movement of the funds.
DON'T - Close any credit cards or open new credit cards or co-sign for anyoneNo Cash Advances on your credit cards.
You will sign a letter during loan application and at closing that states you have not opened any new credit since your loan application.
Closing a credit card can lower your credit score. Please call me if you are considering closing any of your accounts. Your credit report may be re-checked the day of closing.
Your credit is monitored throughout the entire loan process. DO NOT OPEN ANY new lines of credit until 2 weeks after closing.