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Mortgage Do's and Don'ts

As a borrower, please follow this important checklist for Mortgage DO's and DON'Ts during your loan process to ensure your success in qualifying and closing your mortgage loan.

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do's

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don'ts

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do's

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Stay current on ALL your existing credit accounts – pay all your bills on time during the loan process!

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Pay revolving credit balances to 30% of the available credit.

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Keep all your financial records in good order.

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Keep working at the same employer and keep your income consistent.

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Turn in all your requested loan documents, inclusive of tax documents & bank statements, within 24 hours of being asked.

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Tell your mortgage lender everything when getting pre-approved. Transparency is crucial!

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don'ts

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Quit your job! Lenders will verify your employment.

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Apply for any new credit of any kind.

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Pay off any collections unless told to do so by your loan officer.

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Close credit card accounts.

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Change jobs during the process of buying a home.

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Make large cash deposits into your account for 60 days prior to your loan application.

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Transfer credit card balances during the loan process.

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Take cash advances on credit lines for money to purchase the home.

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Spend your money that you need before you purchase the home.

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